Gold Price Seen Strengthening


On Tuesday (6/7), gold prices have the opportunity to strengthen towards the resistance range at US$1,800 per troy ounce.

"The effect of the US employment data on Friday last week, which was below expectations, is still the driving force behind the increase in gold prices," said Commodity Observer Ariston Tjendra in Jakarta.

He explained that the data results raised expectations of the possibility that the US Central Bank would still maintain its loose monetary policy for a longer time so that the dollar weakened and lifted gold prices.

As for tonight, the market is waiting for US ISM Services data. This data shows the growth of the service sector business in the US.

"If the results are better than expectations, this might be a barrier to the strengthening of gold prices tonight due to the strengthening of the US dollar," he said.


Penulis : Widya