XAUUSD : Gold prices recovered slightly ahead of US PCE data
Updated
Gold prices have recovered slightly during today's Asian session and are currently trading around the $2,330 resistance level.
Gold prices have now recovered after falling sharply following last night's US GDP data and the precious metal is currently trading around $2,330. Although gold's upward momentum has weakened when the RSI indicator on the daily chart returned below the 60.00 threshold, the uptrend of XAU/USD is still maintained as the price is still above the short-term SMA lines. .
Today, the market's focus will be on US PCE data, which will give the market more information about the Fed's interest rate direction in the near future. Therefore, if US inflation continues to exceed market forecasts, gold prices will adjust sharply.
Gold prices have now recovered after falling sharply following last night's US GDP data and the precious metal is currently trading around $2,330. Although gold's upward momentum has weakened when the RSI indicator on the daily chart returned below the 60.00 threshold, the uptrend of XAU/USD is still maintained as the price is still above the short-term SMA lines. .
Today, the market's focus will be on US PCE data, which will give the market more information about the Fed's interest rate direction in the near future. Therefore, if US inflation continues to exceed market forecasts, gold prices will adjust sharply.
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