Not Just Data! This is Why Gold Can Fly Again!
Gold strengthened to $3,340 in the European session (01/07) driven by the weakening US Dollar as the market is increasingly convinced that the Fed will cut interest rates. US fiscal concerns have also pushed the USD to its lowest level since 2022, supporting gold's appeal as a safe asset.
Uncertainty ahead of Trump's July 9 tariff policy has also boosted demand for safe havens. However, risk-on sentiment and the release of US NFP data this week have made the market tend to wait and see. In general, fundamentals still favor strengthening gold.
Recommendations:
Buy if the price breaks above $3345
Sell if the price breaks below $3335
Resistance 2: $3351
Resistance 1: $3345
Support 1: $3335
Support 2: $3329
Note: This article is intended for analysis and not as a definitive reference. Always pay attention to fundamental and technical developments before making investment decisions.
Source: Newsmaker.id