Gold reaches fresh highs above $2,680 as investors anticipate China and US inflation data. Technical indicators point to a bullish outlook.
Gold has been on a bullish run, reaching a multi-week high above $2,680. Market attention is focused on key data releases from China and US inflation figures next week, which could significantly impact Gold 's valuation. The technical outlook suggests a continued upward trend in the near term. Gold 's recent gains come after a bearish start to the week, fueled by a positive market mood and a USD selloff.
Data from the US, including the ISM Services PMI and JOLTS Job Openings, initially boosted the USD, but later reports on ADP employment and Initial Jobless Claims had a less significant impact. The minutes of the Fed's December policy meeting highlighted concerns about rising inflation risks. Looking ahead, investors will closely monitor China's Trade Balance and US inflation data, particularly the core CPI, for guidance on Gold's price direction. The technical analysis indicates a bullish shift with Gold closing above several moving averages and the RSI rising above 60. Support levels are identified at $2,675 and $2,645-$2,635, while resistance levels are seen at $2,720 and $2,790
GOLD INFLATION TECHNICAL ANALYSIS MARKET OUTLOOK CHINA US ECONOMY
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