Gold XAUUSD Chart Technical Outlook

Gold XAUUSD Chart Technical Outlook will decline toward $2,318 on hawkish Fed comments and upbeat data.

US inflation is falling – but not at a pace that would warrant immediate rate cuts. That was the message from Fed Chair Jerome Powell, who spoke just before data showed a surprising pickup in the labor market. JOLTs job openings topped 8.14 million, reversing some of its losses.

Powell did mention weakness in the labor market as a reason to cut rates faster, but that is not happening. ADP’s job report, jobless claims, and the ISM Services PMI are all eyed today. They would all need to be weak to send Gold higher – I suspect they would come out mixed, enough to keep yields up and the precious metal down.

XAU/USD is trading between $2,318 and $2,340 and I expect it to edge down toward $2,318, followed by $2,306 and $2,293. Resistance beyond $2,340 is at $2,352 and $2,268. The broad technical trend is sideways.

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