Gold prices saw a modest increase on Friday due to a weaker US dollar and lower US bond yields. Traders are increasingly betting that the Federal Reserve will cut interest rates this year following the recent weaker US GDP data. Additionally, geopolitical risks and conflicts in the Middle East could further support the precious metal.
However, in the short term, we may see gold move sideways with a crucial support level at $2,330. If this level is breached, gold could weaken significantly. Therefore, investors with a bullish outlook need to focus on protecting this support level to maintain the upward trend.
However, in the short term, we may see gold move sideways with a crucial support level at $2,330. If this level is breached, gold could weaken significantly. Therefore, investors with a bullish outlook need to focus on protecting this support level to maintain the upward trend.
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