Gold trading relatively quiet today
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Dear friends, In this week's trading session, the psychological level of $2000 is still eluding gold. At the time of writing, gold is trading at $1987, slightly higher than yesterday morning but significantly lower than the intraday high when the latest report revealed the resilience of the US economy.
Specifically, the report shows that US GDP for the third quarter grew by 4.9% compared to the same period last year, surpassing economists' expectations of 4.7% and the 2.1% growth in the second quarter. This data leans towards those who support the possibility of the Federal Reserve continuing to raise interest rates in future monetary policy meetings. This has been detrimental to gold.
Looking ahead, the Personal Consumption Expenditures (PCE) index report is expected to be released on Friday. The data is anticipated to provide further clues for the market regarding the upcoming Fed policy meeting, potentially indicating a new direction for gold.
In terms of technical analysis, the upward trend remains stable on the 1-hour timeframe. Therefore, it is likely that gold will continue to trade within the range of $1993 - $1980.
In the long term, a breakout above the resistance level of $1995 could potentially push the price of gold higher.
Specifically, the report shows that US GDP for the third quarter grew by 4.9% compared to the same period last year, surpassing economists' expectations of 4.7% and the 2.1% growth in the second quarter. This data leans towards those who support the possibility of the Federal Reserve continuing to raise interest rates in future monetary policy meetings. This has been detrimental to gold.
Looking ahead, the Personal Consumption Expenditures (PCE) index report is expected to be released on Friday. The data is anticipated to provide further clues for the market regarding the upcoming Fed policy meeting, potentially indicating a new direction for gold.
In terms of technical analysis, the upward trend remains stable on the 1-hour timeframe. Therefore, it is likely that gold will continue to trade within the range of $1993 - $1980.
In the long term, a breakout above the resistance level of $1995 could potentially push the price of gold higher.
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