Gold Prices Test Support Levels as Traders Await Inflation Data, Fed Policy Outlook
- Gold prices bounced off support at $1,990, now eyeing resistance at $2,005 and $2,030 (50-day SMA)
- Traders awaiting US PPI data Friday for clues on Fed policy and inflation
- Weaker consumer spending unlikely to prompt Fed policy easing due to high inflation
- Upside PPI surprise could lift yields/USD, bearish for gold
- On further losses, support at $1,990, $1,975, and $1,965 (200-day SMA)