Hello everyone, Brian here. Today, gold is closing at $2,327. We've seen a slight decline towards the end of the day following the Personal Consumption Expenditures (PCE) Price Index report for April, which showed a 2.7% increase year-over-year, matching market expectations. The core PCE Price Index for April also rose 2.8% compared to the same period last year.
From a technical perspective, gold continues to develop above the 34 and 89 EMA lines, indicating a strong upward trend for the year. However, it seems that gold needs considerable momentum to reach its target.
Buyers need to protect the support level at $2,285 to reestablish the upward momentum.
From a technical perspective, gold continues to develop above the 34 and 89 EMA lines, indicating a strong upward trend for the year. However, it seems that gold needs considerable momentum to reach its target.
Buyers need to protect the support level at $2,285 to reestablish the upward momentum.
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