Will Economic Data Push Gold to New ATH or Cause a Reversal?Yesterday, the Federal Reserve announced the Funding Rate , and Jerome Powell's speech followed. These events created market volatility, influencing traders’ sentiment towards gold. Now, we turn our attention to today's key economic data releases .
Today's Key Data Releases & Gold Impact :
Advance GDP : The reported 2.3% is weaker than expected (2.7%), which may create mild support for gold as it signals slower economic growth. A stronger GDP reading would have strengthened the USD, putting downward pressure on gold.
Unemployment Claims : The 207K claims are better than expected (224K), suggesting a strong labor market, which may limit gold’s upside as the USD gains strength.
Advance GDP Price Index : The reported 2.2% inflation is lower than the expected 2.5%, which could reduce gold’s appeal, as it suggests easing inflationary pressure.
Given today’s key economic data, gold is likely to face downward pressure due to stronger labor market data and lower inflation, although the weaker GDP might provide some support in the short term. Expect volatility based on the combination of GDP growth and inflation trends.
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Gold ( OANDA:XAUUSD ) is approaching its Potential Reversal Zone(PRZ) and All-Time High(ATH=$2,790.17) .
According to the theory of Elliott waves , Gold seems to be completing microwave 5 of the main wave 5 . The main wave 5 can be completed in PRZ . ( Of course, if the other wave counting scenario happens, we should have a correction from PRZ ).
I expect Gold to follow the Roadmap I specified in the chart.
Be sure to follow the updated ideas.
Gold Analyze ( XAUUSD ), 1-hour time frame.
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