During the January 24 session, world gold prices fluctuated strongly, rising to $2,035 then falling to $2,011 when US PMI data exceeded estimates, and is currently recovering to $2,015. Investors are currently waiting for US economic data at the end of the week. These data will be the basis for the Fed to decide to cut interest rates sooner or later. A signal to reduce interest rates from the central bank will push the USD lower and thereby create momentum for gold to break out.
Looking ahead, the market will receive the US GDP report for the fourth quarter on Thursday and PCE data on Friday. As for the GDP report, goods and services are forecast to increase 1.7%. Meanwhile, the market expects core PCE to increase 3% YoY.
Looking ahead, the market will receive the US GDP report for the fourth quarter on Thursday and PCE data on Friday. As for the GDP report, goods and services are forecast to increase 1.7%. Meanwhile, the market expects core PCE to increase 3% YoY.
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TP1: 2010
TP2: 2005
SL: 2026