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Gold Holds Steady Near Record Highs as Traders Await U.S. Inflation Data

Gold prices (Symbol: XAUUSD) remain near record highs as traders await the U.S. Personal Consumption Expenditures (PCE) report for clearer insights into the monetary policy direction of the Federal Reserve. Gold prices have experienced a pullback from the recent high, with the price currently consolidating around the level. On the 30-minute chart, we observe that the price is holding just above the 24- and 72-period exponential moving averages (EMAs), suggesting a short-term support zone. Market participants remain cautious after strong U.S. economic data reduced the likelihood of aggressive Fed rate cuts, tempering the bullish case for gold. Read more to find out how will gold trend.

how will gold trend

Disclaimer:

Investors should monitor the upcoming economic data closely, as it will influence market expectations and strategies. The potential for a Federal Reserve rate cut could impact gold prices, but the outcome of the data releases will be critical in shaping future market trends.

Publication date:

2024-09-28 08:27:56 (GMT)

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