Where will the gold go?
Updated
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NEW MARKET IDEA
BUY GOLD
Technical Analysis & Fundamental analysis
Gold rose above $2,055 an ounce on Friday, inching closer to the record high, as the latest data from the US supported bets of early monetary easing by the Fed in 2024. US PCE prices unexpectedly declined by 0.1% mom in November, contrary to market forecasts of a flat reading, while core prices increased by 0.1% compared to forecasts of 0.2% advance. Coupled with the previous revision of the country's Q3 GDP, the readings solidified hopes for the first rate cut by the Fed in March. Gold was on track to gain for the second week since prospects of lower interest rates environment boosted the appeal of a bullion.
NEW MARKET IDEA
BUY GOLD
Technical Analysis & Fundamental analysis
Gold rose above $2,055 an ounce on Friday, inching closer to the record high, as the latest data from the US supported bets of early monetary easing by the Fed in 2024. US PCE prices unexpectedly declined by 0.1% mom in November, contrary to market forecasts of a flat reading, while core prices increased by 0.1% compared to forecasts of 0.2% advance. Coupled with the previous revision of the country's Q3 GDP, the readings solidified hopes for the first rate cut by the Fed in March. Gold was on track to gain for the second week since prospects of lower interest rates environment boosted the appeal of a bullion.
Trade closed: target reached
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