The precious metal's near-term appeal remains weak as tensions in the Middle East ease and safe-haven demand weakens. Additionally, investors are cautious on gold ahead of the release of U.S. first-quarter gross domestic product (GDP) and March core personal consumption expenditures price index (PCE) data on Thursday and Friday respectively. Gold prices fell in part as hedge funds reduced their gold allocations, while some tensions in the Middle East have eased in recent days.
Investors now look to U.S. gross domestic product data on Thursday and personal consumption expenditures report on Friday for new clues on the trajectory of the Federal Reserve's interest rates.
U.S. core PCE inflation, the Fed's preferred inflation gauge, is expected to rise a solid 0.3%, with the annual reading falling to 2.6% from 2.8% in February. Gold prices could face a sharp sell-off if underlying inflation data comes in higher than expected.
Investors now look to U.S. gross domestic product data on Thursday and personal consumption expenditures report on Friday for new clues on the trajectory of the Federal Reserve's interest rates.
U.S. core PCE inflation, the Fed's preferred inflation gauge, is expected to rise a solid 0.3%, with the annual reading falling to 2.6% from 2.8% in February. Gold prices could face a sharp sell-off if underlying inflation data comes in higher than expected.
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The data released by the United States today will have a greater impact on gold. Join my channel and I will share trading signals.
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Focus on the next support level of 2305.
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Judging from the current market trend, gold is suppressed by the 2330-35 line at the top and is supported by the 2312-13 line below. It is in a range. In the evening, it is still mainly short selling under pressure above the rebound. The rebound is short at the 2328-2335 line, with the target of 2300-2312.
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The first resistance is the 2350 area. If it stands above this area, it will open up further upside space and the next target is the 2390 area.
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2330 turns into a support level. If it remains above 2330, it will continue to be bullish. If it falls below 2330, it will rebound and be bearish.
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If it continues to remain above the 2330 area, it means that its trend is still on the upward side.
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This week's profit is 120%, join my channel and I will help you.
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Only when the market changes will there be opportunities to make money. If you want to get 100% accurate trading signals, you can join my channel.
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The profit-taking point of 2305 was reached perfectly, and all transactions this week were profitable without exception.