During this week, gold price has fluctuated between $1,493 and $1,511, which has been affected by the delay of the tariff, attack on UAE oil fields, initial trade agreement between Japan and the United States, as well as the Federal Reserve interest rate cut.
Today, the US Federal Reserve will decide on its interest rate whether to have it raised, keep or cut. Indeed, many economists predict that the Federal Reserve will cut rates by 0.25% to 0.50% in order to strengthen and expand investment in the United States. However, the chair of Federal Reserve chair did not give any indication to the future of US interest rates. On the other hand, the dollar index also slightly dropped from 98.61 earlier this week to 98.30 today.
For Monday's trading, gold price may rise in Asian and European markets and decline in the US market. Therefore, investors should buy gold at current price before the US market open at 8:00 pm (Cambodia Time Zone).
Investors should buy gold at 1,502, setting take profit at 1,515 and stop loss at 1,486.
R1: 1,515 S1: 1,500
R2: 1,530 S2: 1,489
R3: 1,557 S3: 1,480
Analyzed by: Mr. Cheng Daravuth, Business Manager of Golden FX Link Capital
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