GOLD
Gold rose in yesterday’s trading, with prices reaching near the resistance zone of $3,340. This area is likely to limit the pace of the upward movement in today’s trading.
|
Support |
3260 | 3140 | 3050 |
| Resistance | 3340 | 3430 |
3430 |
Gold prices witnessed a significant rise, reaching \$3,305.39 per ounce, marking their highest level in over a week. This surge is attributed to the decline of the US dollar, which fell to its lowest level since May 7, making gold more attractive to investors using other currencies. Additionally, concerns over U.S. fiscal policy—particularly the ongoing debate in Congress over the tax cut bill—have bolstered demand for gold as a safe haven.
Based on these developments, investors are advised to closely monitor market movements, as a breakout above the current resistance level could pave the way for further gains, while failure to do so may lead to a potential downward correction.
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