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XAU/USD reaches its highest level in three days.

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XAU/USD continues its recovery above $1,910 after the US Core PCE index. Hawkish Fed rhetoric may weigh on gold prices this week; a rebound is likely in the second half.

Gold prices are having their best day in weeks this Friday, boosted by a decline in the US dollar across the board. XAU/USD jumped from near $1,905 to $1,920 following the release of the US Core Personal Consumption Expenditure Price Index. The price of gold is hovering around $1,915, up by less than $10 but enough to make it the best day in weeks. This recovery comes after reaching a low on Thursday at $1,892, the lowest level in three months.

The consumption inflation figures showed a decline slightly higher than expected, which triggered a retreat in US yields and boosted equity and commodity prices. The US Core PCE fell in May to 4.6% on an annual basis from 4.7%, while the headline dropped from 4.6% to 3.8%.

These figures have softened Federal Reserve rate hike expectations for the next meeting. Attention now turns to next week’s US labor market data, which includes the ADP, Jobless Claims (Thursday), and the Nonfarm Payrolls report (Friday).

Gold price forecast for the upcoming week.

On the upside, XAU/USD is breaking a short-term downtrend line. The next resistance area is $1,920. On the downside, a decline below $1,905 would weaken the short-term outlook for the yellow metal.

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