Overview of Gold
Dear friends, the price of gold remains unchanged compared to yesterday's trading session, mainly fluctuating within a consolidated range. At the time of writing, the price is hovering around $2022, experiencing a 0.12% increase during the day.
Meanwhile, the stock market has surged while government bond yields continue to decline, providing short-term support for gold.
However, there is another major event on the horizon: the United States will release the Core Personal Consumption Expenditures (PCE) Index for December, which is a favored inflation measure by the Federal Reserve. This announcement on Friday may have a negative impact on gold by the end of the day.
Based on the one-day chart, there is a possibility of a bearish candlestick pattern formation (a descending pennant). I anticipate that gold will remain limited around $2040 and extend its downward momentum with an expected decline to $1978.
Meanwhile, the stock market has surged while government bond yields continue to decline, providing short-term support for gold.
However, there is another major event on the horizon: the United States will release the Core Personal Consumption Expenditures (PCE) Index for December, which is a favored inflation measure by the Federal Reserve. This announcement on Friday may have a negative impact on gold by the end of the day.
Based on the one-day chart, there is a possibility of a bearish candlestick pattern formation (a descending pennant). I anticipate that gold will remain limited around $2040 and extend its downward momentum with an expected decline to $1978.
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