GOLD XAUUSD Chart Technical Outlook set to extend recovery toward $2,337 on core PCE
Donald Trump is seen as the winner of the debate against President Joe Biden – that is what everyone is talking about, but price action does not reflect that. What is much higher on the agenda for Gold and other assets is the release of core PCE, the Fed’s favorite inflation measure.
The US economy is slowing, and inflation is on the back foot according to the CPI report released earlier this month. An increase of 0.1% MoM and 2.6% YoY are expected in the report for May, and merely confirming the data would push yields lower, sending yieldless Gold up.
XAU/USD is off the lows, but still needs to surpass the 4h-50 hurdle to attack resistance at $2,337. The next line is $2,352. Support is at $2,316, then #2,306 and $2,286. The broad trend is sideways, but the precious metal has room to rise today.
