Gold is approaching a record high!
On Wednesday, the Asian session saw gold prices trading around $4,166, driven by expectations of falling US bond yields following Jerome Powell's signal of a 25 bps interest rate cut this month, boosting appetite for zero-coupon assets like gold and lowering US yields, while US-China tensions maintained demand for safe-haven assets.
Furthermore, the market is wary of the Section 232 outcome (potential tariffs on crucial minerals). (asd)
At the time of writing, gold prices were at $4,166
- Buy if the price moves within $4,171
- Sell if the price moves within $4,161
Resistance 2: $4,181
Resistance 1: $4,176
Support 1: $4,156
Support 2: $4,151
Disclaimer: This article is analytical in nature and not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id