Gold Strengthens on Safe-Haven Demand
Gold (XAU/USD) rose slightly on Thursday, up 0.40% for the day. Safe-haven demand remains strong amid the prolonged budget impasse in Washington and ongoing geopolitical uncertainty.
Expectations for further monetary easing by the Federal Reserve (Fed) continue to support the precious metal, with the market pricing in a 97% chance of a 25 basis point interest rate cut next week.
Gold price at the time of this analysis was released was $4,111
- Buy if the price is above $4,100
- Sell if the price is above $4,120
Resistance 2: $4,136
Resistance 1: $4,126
Support 1: $4,096
Support 2: $4,086
Disclaimer:
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id