Gold's price tumbled on Wednesday following October’s inflation report, which was aligned with estimates.
Gold retreats amid stable US inflation data, continuing a four-day losing streak. US Dollar Index reaches a year-to-date high of 106.52, buoyed by market expectations of less dovish Fed. Upcoming economic events, including Fed Chair Powell's speech and US Retail Sales, to further influence Gold 's trajectory. Gold 's price tumbled on Wednesday following October’s inflation report, which was aligned with estimates.
According to the Chicago Board of Trade’s December fed funds rate futures, investors now anticipate approximately 23 basis points of Fed easing by the close of 2024. XAU/USD Technical Outlook: Gold price tumbles below $2,600 The Gold price has shifted neutral to bearishly biased, once it cleared the October 10 swing low of $2,603. Once bears achieved a daily close below the latter, it opened the door to challenge the 100-day Simple Moving Average at $2,540.
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