Gold Hits Record High After US Shutdown
Gold hit a new record high on Wednesday (October 1st), boosting safe-haven bids after the US government shutdown due to a budget impasse in Washington has the potential to extend and delay key data like non-farm payrolls ahead of the Fed's late October meeting.
Meanwhile, US job openings edged up in August, while signs of a cooling labor market have given the Fed room to cut interest rates; the market now rates a rate cut almost certain this month and a ~76% chance of another cut in December.
At the time of writing, Gold was at $3,893
- Buy if the price moves within $3,900
- Sell if the price moves within $3,886
Resistance 2: $3,914
Resistance 1: $3,907
Support 1: $3,879
Support 2: $3,872
Disclaimer:
This article is analytical in nature and not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
