Gold Prices Remain High, Focus on Inflation Data and Fed Policy
Global gold prices edged higher in today's trading, amid investor caution as they await US economic data and the direction of Federal Reserve policy.
However, the surge in gold prices since the beginning of the year has begun to weigh on physical demand. The World Gold Council recorded a 14 percent decline in jewelry demand in the second quarter, particularly in India and China, the world's two largest gold consumers. Market participants now await the release of US inflation and manufacturing activity data. Weaker-than-expected data could potentially boost expectations of further interest rate cuts by the Fed – a factor that typically supports gold prices.
At the time of writing, Gold Price was at $3,760
- Buy if the price moves within $3,765
- Sell if the price moves within $3,755
Resistance 2: $3,776
Resistance 1: $3,767
Support 1: $3,743
Support 2: $3,728
Disclaimer:
This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id