ziioo

ziioo

Gold price (XAU/USD) has retreated from $2,019.00 after a less-confident recovery move in the Asian session. The precious metal is expected to return to the psychological support of $2,000.00 as the US Dollar Index (DXY) has rebounded firmly.

ziioo

Economic data from the US showed the economy grew at an annualized rate of 1.1% during the first quarter, below the 2% of market consensus and under the 2.6% of the previous quarter. The Core PCE rose 4.9%, above the expected 4.7%. The GDP deflator also exceeded expectations at 4% versus 3.7%. A different report showed a decline in Jobless Claims.

ziioo

Gold prices dropped modestly on Wednesday on the back of rising open interest and volume. That said, while further weakness should not be ruled out in the very near term, the consolidative mood is seen prevailing for the time being.