Gold futures last traded at 2,041 USD/ounce, down 8.35 USD compared to yesterday morning.
World gold decreased slightly as the market waited for the US personal consumption expenditure (PCE) price index report. This important inflation data is expected to give investors more clues about the future interest rate direction of the US Federal Reserve (Fed). PCE, the Fed's preferred inflation measure, to be released on Thursday, is forecast for a 0.4% monthly increase.
For gold prices to miss this threshold, economic data this week must be much stronger than expectations.
In recent statements, Fed officials emphasized that the US Central Bank will not rush to make a decision to loosen monetary policy. The Fed's hawkish tone combined with stronger economic data is pushing expectations for a policy rate cut to mid-2024.
The immediate future is 2,020 USD, with the 23.6% Fibo level of the down phase from the December peak to the February bottom. Breaking this support, the downward momentum could extend to the 100-day MA near the 2,005/00 USD area, then to 1,980 USD, with the 38.2% Fibo level of the same decline phase above.
World gold decreased slightly as the market waited for the US personal consumption expenditure (PCE) price index report. This important inflation data is expected to give investors more clues about the future interest rate direction of the US Federal Reserve (Fed). PCE, the Fed's preferred inflation measure, to be released on Thursday, is forecast for a 0.4% monthly increase.
For gold prices to miss this threshold, economic data this week must be much stronger than expectations.
In recent statements, Fed officials emphasized that the US Central Bank will not rush to make a decision to loosen monetary policy. The Fed's hawkish tone combined with stronger economic data is pushing expectations for a policy rate cut to mid-2024.
The immediate future is 2,020 USD, with the 23.6% Fibo level of the down phase from the December peak to the February bottom. Breaking this support, the downward momentum could extend to the 100-day MA near the 2,005/00 USD area, then to 1,980 USD, with the 38.2% Fibo level of the same decline phase above.
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Close + 60 pips
TP1: 2029
TP2: 2025
SL: 2044