Gold's Luster Fades
Gold corrected after hitting a record $3,707/oz: The Fed's 25 bps cut is already priced in, Powell's tone is cautious, the USD strengthens, the bullish momentum subsides, and profit-taking takes hold.
Key levels: resistance $3,680–$3,700 (ATH $3,707), support $3,650/$3,640, then $3,610–$3,600. With expectations of further cuts already partially priced in, the bullish momentum has temporarily subsided.
The gold price at the time of writing was $3,639/oz.
- Buy if the price moves within the $3,646 range
- Sell if the price moves within the $3,634 range
Resistance 2: $3,652
Resistance 1: $3,646
Support 1: $3,634
Support 2: $3,629
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id