Posted 1/5/2024, 9:41:37 PM
Gold Hovering Near $2,050 as Markets Eye Potential Fed Pivot, Inflation Data
- Gold stuck around $2,050 as markets anticipate potential Fed rate cuts in Q2 2023, though outlook uncertain after strong Dec jobs report
- Rate cut expectations keeping gold supported over $2,000, but lacking momentum to break solidly above $2,050 resistance currently
- Price action shows gold capped at $2,050 in near-term; bears face headwinds with eventual 2023 Fed pivot still on table
- Key data next week is Thurs CPI and Fri PPI to solidify March Fed move; inflation slowing but still double 2% target
- Analyst views mixed on gold directionality in coming months as markets eye evolutions in rates, inflation, and Fed policy