Dear friends, yesterday's gold trading session was quite calm, with no significant fluctuations occurring. As of now, the price remains steady around $2033, firmly above the support level of $2025.
Looking into the short and medium term, the upward momentum of gold is still viewed positively. Based on today's chart, the two main targets for buyers are respectively set at $2037 and $2041.
Regarding forecasts: The market is eagerly awaiting the U.S. Personal Consumption Expenditures (PCE) report. This important inflation data is expected to provide investors with more clues on the future direction of interest rates by the Federal Reserve (Fed), slated for release on Thursday with a forecasted monthly increase of 0.4%.
Should the PCE data slightly exceed expectations, gold prices may face a slight decline. Nonetheless, the precious metal is still expected to maintain its value above $2000 per ounce.
Looking into the short and medium term, the upward momentum of gold is still viewed positively. Based on today's chart, the two main targets for buyers are respectively set at $2037 and $2041.
Regarding forecasts: The market is eagerly awaiting the U.S. Personal Consumption Expenditures (PCE) report. This important inflation data is expected to provide investors with more clues on the future direction of interest rates by the Federal Reserve (Fed), slated for release on Thursday with a forecasted monthly increase of 0.4%.
Should the PCE data slightly exceed expectations, gold prices may face a slight decline. Nonetheless, the precious metal is still expected to maintain its value above $2000 per ounce.
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