Gold Trend Changing?
Gold prices weakened in the Asian session on Friday (January 30th) after the strong rally over the past few days began to "run out of steam." This movement was largely driven by profit-taking as many traders locked in profits after a too-rapid rise, causing the price to correct from its peak and seek a new equilibrium.
However, the bigger story remains. Global uncertainty and the still-unpredictable direction of US policy continue to make the market sensitive—the fluctuating dollar and yields contribute to gold's volatility. So this correction appears to be more of a temporary cooling-off, with volatility still potentially high as long as major headlines and interest rate expectations continue to shift. (asd)
The gold price at the time of this analysis was $5,271
- Buy if the price is at $5,376
- Sell if the price is at $5,257
Resistance 2: $5,571
Resistance 1: $5,452
Support 1: $5,214
Support 2: $5,095
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
