Gold trading guide for today
Updated
During the February 27 session, gold prices weakened after durable goods orders data and consumer confidence reports both fell stronger than expected. During the European session, XAU/USD increased to $2,039 but then fell sharply and closed the session at $2,030. Investors are waiting for upcoming US economic data to get more information about the world's largest economy. Today, the market will receive the US's preliminary Q4 GDP report before the focus turns to the most anticipated data of the week on Thursday - the core PCE report, the Fed's favorite inflation measure. Currently, gold is recovering to $2,032.
Currently, the market is waiting for the personal consumption expenditure index (PCE) report to be announced tomorrow (February 29). This inflation report is expected to give the market more clues about the timing of the first interest rate cut by the US Federal Reserve (Fed). Some experts predict core PCE (which strips out volatile food and energy costs) will rise more sharply than expected. If so, this will certainly be a "hot" topic that will be discussed at the next monetary policy meeting in March.
Currently, the market is waiting for the personal consumption expenditure index (PCE) report to be announced tomorrow (February 29). This inflation report is expected to give the market more clues about the timing of the first interest rate cut by the US Federal Reserve (Fed). Some experts predict core PCE (which strips out volatile food and energy costs) will rise more sharply than expected. If so, this will certainly be a "hot" topic that will be discussed at the next monetary policy meeting in March.
Note
SELL GOLD 2033 - 2035TP1: 2028
TP2: 2020
SL: 2045
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