Gold prices are forecast to have little change in the week
Updated
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Gold prices are forecast to stabilize this week when there is little important data released in the middle of the week.
The most awaited information by the market is the core personal consumption expenditure index report (the US Federal Reserve's (Fed) preferred inflation measure) expected to be published at the end of the week.
Weaker data could increase the likelihood that the Fed will cut interest rates in 2024, and that scenario would support the yellow metal. On the contrary, inflation "hotter" than expected will cause gold to fall deeper.
Technically: gold is relatively stable around 2315 USD and forming short-term support, expected to correct wave 2 up according to DOW theory before the downtrend can return again.
Gold prices are forecast to stabilize this week when there is little important data released in the middle of the week.
The most awaited information by the market is the core personal consumption expenditure index report (the US Federal Reserve's (Fed) preferred inflation measure) expected to be published at the end of the week.
Weaker data could increase the likelihood that the Fed will cut interest rates in 2024, and that scenario would support the yellow metal. On the contrary, inflation "hotter" than expected will cause gold to fall deeper.
Technically: gold is relatively stable around 2315 USD and forming short-term support, expected to correct wave 2 up according to DOW theory before the downtrend can return again.
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