Fundamental
Slower US GDP growth and rising unemployment claims weaken the Greenback.
Traders eye April’s PCE inflation data, which could dictate XAU/USD’s direction.
Traders are anticipating the release of April’s Personal Consumption Expenditures (PCE) Price Index, which is the Fed’s preferred measure of inflation. The core PCE figure is expected to be 2.8% YoY, while the headline PCE is projected to increase by 0.3% MoM.
In case of the hotter-than-expected inflation data, this might provide some support to the Greenback and cap the upside for gold price.
Technical
Gold price remains positive on the daily chart.
The price bounced from 2320 yesterday. The Kijun Sen is flat, indicating that the price may move towards it.
Disclaimer: This is not a trading signal. Enter at your own risk.
I am not entering a new position now. I have already longfrom $2340 and placed my stop-loss in the profit zone.
Slower US GDP growth and rising unemployment claims weaken the Greenback.
Traders eye April’s PCE inflation data, which could dictate XAU/USD’s direction.
Traders are anticipating the release of April’s Personal Consumption Expenditures (PCE) Price Index, which is the Fed’s preferred measure of inflation. The core PCE figure is expected to be 2.8% YoY, while the headline PCE is projected to increase by 0.3% MoM.
In case of the hotter-than-expected inflation data, this might provide some support to the Greenback and cap the upside for gold price.
Technical
Gold price remains positive on the daily chart.
The price bounced from 2320 yesterday. The Kijun Sen is flat, indicating that the price may move towards it.
Disclaimer: This is not a trading signal. Enter at your own risk.
I am not entering a new position now. I have already longfrom $2340 and placed my stop-loss in the profit zone.
Note
The price has not been able to break below the Tenkan Sen and remains above it. This indicates that the price may attempt to reach last week’s high.
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.
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.