From TradingView · · 40s
Gold Rises as Oil Prices Fall
Gold climbs to $4,170 an ounce as falling oil prices ease inflation worries.
In brief
Gold climbs to $4,170 an ounce as falling oil prices ease inflation worries. Gold rose to $4,170 an ounce after oil prices dropped, reducing inflation fears and Fed rate hike expectations. Originally reported by TradingView.
Gold Edges Higher
Gold rose to $4,170 an ounce as falling oil prices eased inflation concerns and traders reassessed the likelihood of another Fed rate hike.
Technical Pressure
Gold remains under short-term bearish pressure, trading around $4,170 after stabilising near the 78.6% Fibonacci support at $4,130.
Price Targets
A break above $4,250 could open the way toward $4,330, while a decisive move below $4,130 would expose the $4,000 area.
Here's the gist
Gold rose to $4,170 an ounce after oil prices dropped, reducing inflation fears and Fed rate hike expectations.
