Gold's Short-Term Trend Turns Bearish but $4,000 Holds as Support
Gold's weekly trend flipped short after a sharp fall, but $4,000 support remains. Analysis of the outlook and key economic data.
Gold Market
Gold's weekly trend flipped short after a sharp fall, but $4,000 support remains. Analysis of the outlook and key economic data.
Gold briefly spiked above $4,200 on soft PCE data but quickly reversed, leaving the metal near its year-low. We examine the short-term headwinds and why the longer-term picture still favours higher prices.
Gold and silver futures edged higher on the MCX on Wednesday as market participants looked ahead to the US PCE inflation report for signals on the Federal Reserve's interest rate outlook.
Gold reached three-month highs above $4,650 on Monday, extending last week's gains as the US dollar weakened on tariff tensions, fading rate hike expectations, and safe-haven demand.
Gold prices extended gains to a three-month high above $4,636 as investors focused on upcoming US inflation data and Federal Reserve Chair Kevin Warsh's speech at Jackson Hole.