Gold price (XAU/USD) struggles to capitalize on the previous day's modest gains and oscillates in a narrow range during the Asian session on Friday amid mixed fundamental cues.
Gold price lacks any firm intraday direction and is influenced by a combination of diverging forces. The weaker US GDP print and a rise in US inflation benefit the metal amid subdued USD demand. Hawkish Fed expectations cap the upside as traders await the release of the US PCE Price Index. Gold price struggles to capitalize on the previous day's modest gains and oscillates in a narrow range during the Asian session on Friday amid mixed fundamental cues.
Technical Analysis: Gold price consolidates in a range, $2,300 holds the key for bulls and should act as a strong base From a technical perspective, the XAU/USD, so far, has been struggling to make it through the 100-period Simple Moving Average on the daily chart. The said barrier is currently pegged near the $2,345 region and should now act as a key pivotal point amid mixed oscillators on the daily chart.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Price Forecast: XAU/USD reaches to all-time highs near $2,230, US PCE eyedGold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday.
Read more »
US Dollar Index Price Analysis: Range bound price waits for directional clarityThe US Dollar Index (DXY), which measures the strength of the US Dollar (USD) against a basket of trade-weighted competitors, is in a long-term sideways trend which has lasted for between six months and a year.
Read more »
Silver Price Analysis: Silver price could be forming a Bear Flag price patternSilver (XAG/USD) price may have formed a Bear Flag pattern on the 4-hour chart which bodes ill for the precious metal’s price going forward.
Read more »
Silver Price Forecast: XAG/USD rises to $24.70 ahead of US core PCE InflationSilver price (XAG/USD) advances to $24.70 in the late Asian session on Thursday.
Read more »
Fed's Goolsbee Keeps Policy Focus on PCE After High Inflation ReadingsFed's Goolsbee Keeps Policy Focus on PCE after High Consumer Price Readings
Read more »
Markets Week Ahead: Gold, EUR/USD, USD/JPY - BoJ, US GDP, Core PCE, Big Tech EarningsThe upcoming week brings the Bank of Japan’s monetary policy decision and a flurry of high-impact economic data and earnings, setting the stage for potential volatility in financial markets.
Read more »