Gold rebounded sharply over the weekend as the core PCE index matched estimates. The precious metal broke out from $2,194 to $2,235 before correcting slightly and ending the week at $2,223. The MoM core PCE index increased 0.3%, coinciding with market expectations. This shows that inflation is still persistent and the Fed will not be in a hurry to cut interest rates.
This week, the market will receive a series of important economic data, including the services and manufacturing PMI index, JOLTS employment data, and the US NFP report. Currently, gold is trading around $2,260.
This week, the market will receive a series of important economic data, including the services and manufacturing PMI index, JOLTS employment data, and the US NFP report. Currently, gold is trading around $2,260.
Note
SELL XAU 2258- 2260TP1: 2250
TP2: 2240
SL: 2270
Note
running + 80 pips
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.