Gold shows outstanding strength after US economic data releases.
Gold prices rebounded sharply after US PCE data matched estimates, along with a manufacturing PMI report and a lower-than-expected consumer confidence index.
This past week, gold prices rallied from $2,028, broke through the $2,050 resistance, and pushed to $2,083 after the US core PCE report matched estimates, along with manufacturing PMI and index reports. US consumer confidence is lower than expected, demonstrating the weakness of the world's largest economy.
However, the market still needs to be careful with important US economic data this week, including the services PMI report, Fed Chairman Powell's hearing and the JOLTS jobs report. Currently, gold is stable around $2,083.
Gold prices rebounded sharply after US PCE data matched estimates, along with a manufacturing PMI report and a lower-than-expected consumer confidence index.
This past week, gold prices rallied from $2,028, broke through the $2,050 resistance, and pushed to $2,083 after the US core PCE report matched estimates, along with manufacturing PMI and index reports. US consumer confidence is lower than expected, demonstrating the weakness of the world's largest economy.
However, the market still needs to be careful with important US economic data this week, including the services PMI report, Fed Chairman Powell's hearing and the JOLTS jobs report. Currently, gold is stable around $2,083.
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