Gold prices drifted higher, steered by a softer dollar and safe-haven demand after Moody’s downgraded the U.S. government’s credit rating. U.S. gold futures settled 1.5% higher.
The Gold-Dollar price remained largely unchanged in the last session. The Stochastic indicator is giving a positive signal.
Support: 3166.7 | Resistance: 3296
U.S. stocks finished near the unchanged mark with market sentiment weakened by the downgrade of the federal government’s perfect sovereign credit rating owing to its huge debt profile. Moody’s slashed the U.S. sovereign credit rating citing the government’s $36 trillion outstanding debt and interest.
Tether, the $151 billion stablecoin issuance giant, has surpassed Germany in United States Treasury bill holdings, showcasing the benefits of a diversified reserve strategy that has helped the firm navigate the volatility of the cryptocurrency market.
Oil settled higher on Friday, notching a second straight week of gains on easing U.S.-China trade tensions, although prices were held back by expectations of higher supply from Iran and OPEC+.
Gold prices have fallen almost 10% from a record high just above $3,500 per ounce in April as a de-escalation in U.S.-China trade tensions punctured momentum, but analysts are sticking with a bullish outlook due to strong underlying support for the metal.
The Gold-Dollar pair plummeted 1.1% in the last session. The RSI is giving a positive signal.
Support: 3055.9 | Resistance: 3349.5
Tesla blocked shareholders who own less than 3% of its shares from suing its directors or officers on behalf of the electric vehicle maker for breach of duties, according to a filing with the SEC. 3% of Tesla’s shares amounts to $34 billion as of Friday’s close.
