Gold sideways at the end of the week!
Dear Traders!
On most timeframes, BBs are narrowing and trading sideways at the end of the week after the precious metal took advantage of a strong overnight rebound from a two-week low. Prices are currently testing the 2320 support level amid a changing sentiment. With the current trend, upside is possible but resistance at 2345 is unlikely to be broken as the main market trend remains corrective.
The focus now shifts to the most relevant US macroeconomic report, the Personal Consumption Expenditures (PCE) Price Index. The Federal Reserve’s preferred inflation gauge will be released on Friday and is expected to show inflation rose 2.6% year-on-year in May, slightly lower than the previous 2.7%. Easing inflationary pressures will boost hopes of an upcoming US rate cut and lead to a decline in the USD. However, as the market may become optimistic, the possibility of XAU/USD rising is very limited.
Personally, I believe that the price will now pull back to the limited resistance zone of the BB band (red), gold will decline. The expected target for this decline is at least the 2300 mark.
On most timeframes, BBs are narrowing and trading sideways at the end of the week after the precious metal took advantage of a strong overnight rebound from a two-week low. Prices are currently testing the 2320 support level amid a changing sentiment. With the current trend, upside is possible but resistance at 2345 is unlikely to be broken as the main market trend remains corrective.
The focus now shifts to the most relevant US macroeconomic report, the Personal Consumption Expenditures (PCE) Price Index. The Federal Reserve’s preferred inflation gauge will be released on Friday and is expected to show inflation rose 2.6% year-on-year in May, slightly lower than the previous 2.7%. Easing inflationary pressures will boost hopes of an upcoming US rate cut and lead to a decline in the USD. However, as the market may become optimistic, the possibility of XAU/USD rising is very limited.
Personally, I believe that the price will now pull back to the limited resistance zone of the BB band (red), gold will decline. The expected target for this decline is at least the 2300 mark.
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