Gold: Between Two Fires - Focus on US GDP data

Gold: Between Two Fires - Focus on US GDP data

In this analysis, I have explained the critical position of the gold price and the two possible scenarios it can create during the GDP data.

📺You may watch the video for further details📺
Thank you and Good Luck!

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Comment:

Comment:

🚨#Gold remains strong even after GDP data.
The impact of the GDP data is a bit strange given that US GDP is showing signs of contraction in the Annualized GDP (Q1) PREL data at 1.6% vs. 3.4% previously.
However, this is not creating weakness for the USD at the moment.

Be careful as the data was not good for the USD and everything can change again and GOLD may rise later.

Comment:

#GOLD rose as expected from 2330 to 2352.50 so far

As I explained yesterday, the GDP data was not good. GDP data seems to indicate the beginnings of stagnation in the growth of the US economy.

However, it is too early to talk about that as the US economy is strong.
Yesterday, as expected after the market volume normalized #GOLD jumped above 2330 following the real impact of the GDP data.

So far #GOLD has risen to 2352.50.
Today we have US PCE data to which the market will pay close attention to.

If the PCE rises, we can see a temporary strengthening of the dollar. If the PCE decreases significantly from the market's expectations, we can see the dollar lose its status as a leader in the currency board.