– US Department of Commerce Revealing the Price Index for Basic Personal Consumption Expenditures (Core PCE) for December. The PCE Index is considered a measure of inflation that can detect changes in consumer behavior. and covers the prices of goods and services more broadly than the Consumer Price Index (CPI).
which reveals US inflation data that slows down Supporting the market’s predictions that The Fed may cut interest rates in March this year. This is a supporting factor for gold prices (Core PCE Index, excluding food and energy categories, rose 3.2% in November year-on-year from 3.4% in October and was lower than the figure. Analysts forecast 3.3%.
For the trendgold directionIt is an oscillation within the framework. Sideway down After the Fed signaled that it is not in a hurry to cut interest rates even though inflation is slowing. While the war situation Houthi attacks in the Red Sea If it doesn’t become more violent or Iran doesn’t come to war as well. It may not support the price of gold much.
The US Consumer Confidence Index rose to 78.8 in January, the highest level since July 2021. and higher than analysts’ expectations of 70.2 from 69.7 in December, sending gold down further.
However, the first resistance is assessed at $2,032 per ounce. The next resistance level is at $2,051 an ounce. Last resistance at $2,070 per ounce, first support at $1,991 per ounce. The next resistance level is at $1,972 per ounce. Last resistance level 1,953 dollars per ounce.
Investment strategy Prices fluctuate within a narrow range. If the price still cannot stabilize above the resistance level. Recommend opening a sell position to make short-term profits. Evaluate the resistance zone at 2,032-2,051 dollars per ounce in order to gradually close the selling position for profit if the price does not drop below the support level of 2,001-1,991 dollars per ounce. Sell position to cut losses if the price passes the resistance level of 2,051 dollars per ounce.
2024-01-21 08:47:00
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