World gold recovered yesterday after declining to test the support zone around 2322. Gold sometimes increased above 2350 when many US data released, including GDP data, showed that the economy was recovering. slowed, raising hopes that the US Federal Reserve (Fed) could cut interest rates later this year. Today the market focuses on Core PCE data– FED's preferred inflation assessment data at 19:30.
According to data from the US Bureau of Economic Analysis released on Thursday, annual US GDP growth in Q1 was revised down to 1.3% from an initial estimate of 1.6%. This was lower than the 3.4% in Q4 but in line with analysts' expectations. GDP data shows that the US economy is not as strong as analysts previously thought and could indicate a decline in inflation, which in turn could prompt the Federal Reserve (Fed) to lower interest rates – a positive for with Gold because lower interest rates reduce the opportunity cost of holding the precious metal.
Despite some signs that the labor market is weakening, the likelihood of interest rate cuts in June and July remains low. However, there are growing expectations for the Personal Consumption Expenditure (PCE)-Core PCE data released at 7:30 p.m. on Friday, which is likely to impact the Bureau's next expectations. Federal Reserve (Fed). Traders are anticipating the April release of the Personal Consumption Expenditures (PCE) Price Index, which is the Fed's preferred measure of inflation. The core PCE number is expected to be 2.8% YoY, while headline PCE is expected to grow 0.3% MoM.
In summary: The market is waiting for Core PCE data - the FED's favorite inflation assessment data to be published at 7:30 pm tonight. The data can change expectations for future interest rate cuts by the FED, thereby significantly affecting gold prices. Data is currently forecast to be 0.3%, equal to the previous period's 0.3%. If actual data released exceeds expectations ==> FED will keep interest rates high for a longer period of time, thereby causing gold to fall. On the contrary, if the data is weaker than expectations ==> Expectations for interest rate cuts increase ==> Gold is supported to increase.
About the technical angle.
🔴SELL price range 2355 - 2457 SL 2352 (scalping)
🔴SELL price range 2373 - 2475 SL 2378
🟢BUY price range 2335 - 2333 SL 2300 (scalping)
🟢BUY price range 2324 - 2322 SL 2319 (scalping)
🟢BUY price range 2317 - 2315 SL 2312 (scalping)
🟢BUY price range 2305 - 2307 SL 2302
I will update if there are more entry
According to data from the US Bureau of Economic Analysis released on Thursday, annual US GDP growth in Q1 was revised down to 1.3% from an initial estimate of 1.6%. This was lower than the 3.4% in Q4 but in line with analysts' expectations. GDP data shows that the US economy is not as strong as analysts previously thought and could indicate a decline in inflation, which in turn could prompt the Federal Reserve (Fed) to lower interest rates – a positive for with Gold because lower interest rates reduce the opportunity cost of holding the precious metal.
Despite some signs that the labor market is weakening, the likelihood of interest rate cuts in June and July remains low. However, there are growing expectations for the Personal Consumption Expenditure (PCE)-Core PCE data released at 7:30 p.m. on Friday, which is likely to impact the Bureau's next expectations. Federal Reserve (Fed). Traders are anticipating the April release of the Personal Consumption Expenditures (PCE) Price Index, which is the Fed's preferred measure of inflation. The core PCE number is expected to be 2.8% YoY, while headline PCE is expected to grow 0.3% MoM.
In summary: The market is waiting for Core PCE data - the FED's favorite inflation assessment data to be published at 7:30 pm tonight. The data can change expectations for future interest rate cuts by the FED, thereby significantly affecting gold prices. Data is currently forecast to be 0.3%, equal to the previous period's 0.3%. If actual data released exceeds expectations ==> FED will keep interest rates high for a longer period of time, thereby causing gold to fall. On the contrary, if the data is weaker than expectations ==> Expectations for interest rate cuts increase ==> Gold is supported to increase.
About the technical angle.
🔴SELL price range 2355 - 2457 SL 2352 (scalping)
🔴SELL price range 2373 - 2475 SL 2378
🟢BUY price range 2335 - 2333 SL 2300 (scalping)
🟢BUY price range 2324 - 2322 SL 2319 (scalping)
🟢BUY price range 2317 - 2315 SL 2312 (scalping)
🟢BUY price range 2305 - 2307 SL 2302
I will update if there are more entry
Comment:
SELL 2370 -2372 SL 50PIPS TP 50-100PIPS
Comment:
SELL 2350-2352 SL 50pips TP 50-100pips
Comment:
SELL 2350-2352 -50pips
SELL 2355- 2357 +300pips
BUY 2335 - 2333 +30pips
SELL 2355- 2357 +300pips
BUY 2335 - 2333 +30pips
Comment:
BUY 2324-2322 +90pips