Gold Near $4,000: Momentum On
Gold strengthened early in the Asian session. This rise aligns with the upward trend in commodities, driven by macroeconomic uncertainty, a weakening dollar, and continued strong demand for hard assets. According to City Index and FOREX.com analyst Fawad Razaqzada, the breakout of the "round number" has rekindled buying momentum as there has been no significant selling.
After surpassing $3,900/oz, gold has the potential to test the next psychological level at $4,000/oz. ICE data shows spot gold rose 0.3% to $3,969.75/oz, after hitting a new intraday record of $3,976.18/oz.
At the time of writing, the gold price is at $3,972.
- Buy if the price moves within the $3,979 range.
- Sell if the price moves within the $3,965 range.
Resistance 2: $3,993
Resistance 1: $3,986
Support 1: $3,958
Support 2: $3,951
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