GOLD the upward trend in the price of the dollar remains stable
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Market participants are looking forward to the release of core PCE data next week, which is expected to cause volatility in the FX market. Consensus estimates forecast a 0.4% rise in January, bringing the annual rate down to 2.7%. Traders should prepare for a potential surprise similar to last week's CPI and PPI reports.
Stiff price pressures in the economy, along with solid job creation and strong wage growth, could force the Fed to delay the start of its policy easing cycle until the second half of the year, resulting in little adjustment once the process is underway. A scenario like this could push interest rate expectations in a more hawkish direction compared to their current status.
TECHNICAL ANALYSIS OF GOLD PRICES
Gold edged up on Thursday but encountered resistance around $2,030, a key resistance zone where a falling trendline aligns with the 50-day simple moving average. Sellers must defend this area strongly to prevent the bulls from reasserting their dominance; failure to do so could result in an increase towards $2,065.
On the other hand, if sentiment turns in favor of sellers and the price starts to pull back, support can be identified at $2,005, positioned near the 100-day simple moving average. Further downside pressure may put $1,990 in focus, followed by $1,995.
Stiff price pressures in the economy, along with solid job creation and strong wage growth, could force the Fed to delay the start of its policy easing cycle until the second half of the year, resulting in little adjustment once the process is underway. A scenario like this could push interest rate expectations in a more hawkish direction compared to their current status.
TECHNICAL ANALYSIS OF GOLD PRICES
Gold edged up on Thursday but encountered resistance around $2,030, a key resistance zone where a falling trendline aligns with the 50-day simple moving average. Sellers must defend this area strongly to prevent the bulls from reasserting their dominance; failure to do so could result in an increase towards $2,065.
On the other hand, if sentiment turns in favor of sellers and the price starts to pull back, support can be identified at $2,005, positioned near the 100-day simple moving average. Further downside pressure may put $1,990 in focus, followed by $1,995.
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Markets will get important inflation data next week with the release of the Core Personal Consumption Expenditures Index (PCE), which is the US central bank's preferred inflation measure. The market will also have more data on home sales and important information related to activity in the manufacturing sector.
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