Gold Pressured by Strong Dollar, Focus on US Data
Gold prices weakened on Thursday (January 15th) as the US dollar strengthened ahead of the release of US unemployment data. Investors tended to hold positions and reduce exposure to gold in anticipation of the jobs data, which could strengthen the Federal Reserve's stance on maintaining high interest rates for longer.
A strong dollar makes gold more expensive for global buyers, thus suppressing demand. If US unemployment data shows the labor market remains solid, pressure on gold prices could continue in the short term, although gold's function as a hedge remains relevant.
The gold price at the time of this analysis was $4,612
- Buy if the price is at $4,617
- Sell if the price is at $4,605
Resistance 2: $4,633
Resistance 1: $4,626
Support 1: $4,598
Support 2: $4,591
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