Posted 1/25/2024, 6:00:00 PM
Gold Prices Lack Direction Ahead of Key Inflation Data and Fed Meeting
- Gold prices have lacked direction recently but are down over 2% in 2023 so far
- U.S. Core PCE inflation data on Friday could impact gold's near-term outlook ahead of next week's FOMC meeting
- If inflation shows further cooling, markets may undo dovish Fed bets, pushing yields up and hurting gold
- Gold is wedged between technical resistance at $2,030 and support at $2,005 currently
- Breaking out of this range is key for a directional move; upside target is $2,065, downside target is the 200-day moving average