Gold’s wider trend remains Bullish, with the level of $ 3,000 as a critical psychological target. Strong demand for safe haven, powered by escalating American trade tensions and persistent inflation risks, supports further profit. Next week, traders will concentrate on the core deforer of the core consumption (PCE), with economists who expect an increase of 0.3%.
Additional important reports include American consumer confidence on Tuesday and new home sales on Wednesday, which could influence the market sentiment and policy position of the Federal Reserve. If the PCE data confirms increased inflation pressure, this could strengthen Gold’s profession as a cover at rising prices and economic uncertainty. Given the current macro-economic background, gold is well positioned for continued on its head, because investors are looking for stability and inflation protection.
Technically, the most important trend is up. A trade by $ 2954.96 will indicate a resumption of the upward trend. The trend will turn into a movement by $ 2536.85, but this is very unlikely. Nevertheless, if taking a profit continues this week, this can lead to a withdrawal to the level of 50% at $ 2745.91 in the short term.
More information in our economic calendar.