Gold loses it shine after a Hawkish Fed and firmer USD Pressure XAU/USD. The precious metal is set for its worst week since December, as bulls waver. Will PCE data extend the slide?
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Participants at the meeting envision it will take longer than previously thought to acquire the necessary confidence that inflation is moving sustainably towards the 2% target. In addition, various participants discussed their willingness to tighten policy further should risks to the inflation outlook deem it appropriate.Gold reached a new all-time high this week but wasted no time to head back lower, currently on track for the largest weekly drop since the end of last year.
While gold made a higher high, the RSI indicator printed a lower high, suggesting that the underlying momentum may come under pressure. Gold tests the 161.8% Fibonacci extension of the 2020 to 2022 decline. A close below this level suggests the pullback may garner newly found momentum into next week where markets will be looking ahead to US PCE inflation data to round out the month.
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