Commodities Analysis by Fawad Razaqzada covering: XAU/USD, US Dollar Index Futures, Gold Futures. Read Fawad Razaqzada's latest article on Investing.com
Core PCE data this week could impact gold's direction and the timing of rate cuts.after it had made a weaker start to the new week. After a very bright last few months, a bit of a pullback and side-ways action is always needed in strong uptrends.
Investors were happy to take a profit after what has been a stellar last few months. Investors will be looking forward to key inflation data from both the US and Eurozone this week. The data could shed light on the timing of the first rate cut by theand Fed, both of which have been pushed back again on the back of a much stronger-than-expected Eurozone wage growth and a solid US business activity report, which also showed a sharp rise on in services inflation.
The key question now is whether we will get to see some downside follow-through this time. A clean break below $2330 support could trigger some stops and lead to a potentially sizeable drop. What’s more, the relative strength index is in a state of negative divergence, pointing to waning momentum. However, gold is yet to make a distinct lower low. The most recent low comes in around $2,277. If this level is breached, then we will have had our first reversal confirmation. Until and unless that happens, take last week’s bearish price action with a pinch of salt.
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