Gold prices swept two-way after the announcement of US GDP, falling to $2,014 but then recovering and ending the session at $2,017. The market is now awaiting upcoming PCE data to determine the Fed's next move.
During the January 25 session, world gold prices dropped to $2,014 after the fourth quarter US GDP report was higher than expected, showing that the world's largest economy is still operating stably. In case the price rises, the bulls need to scale the resistance at $2,025 and then $2,039 to move towards the current price target of $2,050. On the contrary, the bears are targeting the $2,004 support to push the price down to $2,000. Currently, gold is increasing slightly to $2,022.
Today, the market will receive US PCE data for December with an expected increase of 0.2% in December. Data higher than estimates could make the Fed reconsider its current policy and push gold down further. . Gold investors will closely monitor the Fed's interest rate decision next week as the bank is expected to leave interest rates unchanged.
During the January 25 session, world gold prices dropped to $2,014 after the fourth quarter US GDP report was higher than expected, showing that the world's largest economy is still operating stably. In case the price rises, the bulls need to scale the resistance at $2,025 and then $2,039 to move towards the current price target of $2,050. On the contrary, the bears are targeting the $2,004 support to push the price down to $2,000. Currently, gold is increasing slightly to $2,022.
Today, the market will receive US PCE data for December with an expected increase of 0.2% in December. Data higher than estimates could make the Fed reconsider its current policy and push gold down further. . Gold investors will closely monitor the Fed's interest rate decision next week as the bank is expected to leave interest rates unchanged.
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