This article examines gold’s near-term outlook, exploring various scenarios that may arise following the release of core PCE data, which is considered the Federal Reserve's preferred inflation measure.
The precious metal’s positive performance was fueled, in part, by falling U.S. Treasury yields, which reacted to an in-line economic report. Specifically, January's coreInvestors, rattled by the recent CPI and PPI data, braced for further inflation pain, but were relieved when the Federal Reserve’s favored price gauge landed precisely on its expected mark. This gave gold bulls an excuse to reengage long positions.
Focusing on gold’s outlook, technicals and fundamental analysis are currently at odds. That said, Thursday's bullish breakout, which saw XAU/USD push past trendline resistance and the 50-day simple moving average at $2,035, is clearly a positive sign. Should this move be sustained, a rally towards $2,065 may be on the horizon. Above this area, all eyes will be on $2,090.
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