Gold Continues to Shine at the Start of the Week!!
Gold prices rose on Monday (September 29th), continuing their upward trend as the US dollar weakened. The weakening greenback made gold cheaper for holders of other currencies, boosting demand in global markets. Furthermore, the decline in US bond yields provided room for gold to move higher, as the opportunity cost of holding non-interest-bearing assets like bullion became lower.
From a fundamental perspective, expectations for a Fed interest rate cut remained the main catalyst. The market viewed the latest inflation data as opening the door for the US central bank to ease monetary policy sooner than expected. This speculation increased gold's appeal as a safe haven amid global economic uncertainty, while also placing the $3,800 level as a key psychological area for investors to focus on.
At the time of writing, the gold price is at $3,815.
- Buy if the price moves within the $3,822 range.
- Sell if the price moves within the $3,808 range.
Resistance 2: $3,836
Resistance 1: $3,829
Support 1: $3,801
Support 2: $3,794
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
