Gold prices are trading around $3,297 after rejecting the $3,324 resistance zone. The market is currently showing signs of exhaustion near a minor resistance, and price action suggests a potential short-term pullback. Attention now shifts to today's U.S. Core PCE data, a key inflation metric for the Fed, which may dictate near-term direction and shape the monthly close.
XAUUSD GOLD Gold tested the $3,324 resistance area but failed to break higher, forming a lower high. A potential bearish setup is developing as price reacts to minor resistance around $3,310. If bears regain control, a drop toward the key support level at $3,240 is likely. A break below this level could open the door to further downside in the upcoming sessions. Conversely, if bulls manage to reclaim $3,324 and establish a strong daily close above, we could see a retest of $3,350 and higher.
Key Event Today:
At 8:30 PM GMT+8, the U.S. will release April's Core PCE Price Index – the Fed’s preferred inflation gauge:
MoM: Expected at 0.1%
YoY: Expected at 2.5% (Previous 2.6%)
A softer-than-expected reading could increase rate cut expectations and offer bullish momentum to gold. Stronger data, however, may renew USD strength and pressure XAU/USD lower.
Resistance: $3,310 , $3,324
Support: $3,240 , $3,207
XAUUSD GOLD Gold tested the $3,324 resistance area but failed to break higher, forming a lower high. A potential bearish setup is developing as price reacts to minor resistance around $3,310. If bears regain control, a drop toward the key support level at $3,240 is likely. A break below this level could open the door to further downside in the upcoming sessions. Conversely, if bulls manage to reclaim $3,324 and establish a strong daily close above, we could see a retest of $3,350 and higher.Key Event Today:
At 8:30 PM GMT+8, the U.S. will release April's Core PCE Price Index – the Fed’s preferred inflation gauge:
MoM: Expected at 0.1%
YoY: Expected at 2.5% (Previous 2.6%)
A softer-than-expected reading could increase rate cut expectations and offer bullish momentum to gold. Stronger data, however, may renew USD strength and pressure XAU/USD lower.
Resistance: $3,310 , $3,324
Support: $3,240 , $3,207
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
ATFX is a globally regulated, award-winning fintech broker offering customer support in 20 languages.
👉🏼Start your trading journey with ATFX: bit.ly/3mLMPHz
👉🏼Start your trading journey with ATFX: bit.ly/3mLMPHz
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.