Gold prices move more in ranges after reaching an all-time high of $2531.41 on August 20. Gold price movements move up and down in market ranges.
Yesterday the price drew a bullish candlestick from a bearish one from a low of $2493 and a high of $2528.
Investors may still wait for the Fed's monetary policy cut in interest rates predicted in September. According to FedWatch from the CME group, there is a 67% chance that the Fed will cut interest rates by 0.25% and a 33% chance that the Fed will cut interest rates by 0.50%.
Yesterday's rise in gold prices may have been driven more by Chinese demand after data from the World Gold Council (WGC) on Tuesday showed China's net gold imports rose 17% in July.
US GDP data rose 3.0% higher than the forecast of 2.8% with the previous revision of 2.8%. On the other hand, Unemployment Claims 231k was somewhat smaller than the forecast of 232k with the previous revision of 233k. In theory, this is good for USD strengthening.
Today investors will focus on Personal Consumption Expenditures (PCE) data, which is the Fed's most preferred inflation data, which is forecast at 0.2% from the previous revision of 0.2%.
Yesterday the price drew a bullish candlestick from a bearish one from a low of $2493 and a high of $2528.
Investors may still wait for the Fed's monetary policy cut in interest rates predicted in September. According to FedWatch from the CME group, there is a 67% chance that the Fed will cut interest rates by 0.25% and a 33% chance that the Fed will cut interest rates by 0.50%.
Yesterday's rise in gold prices may have been driven more by Chinese demand after data from the World Gold Council (WGC) on Tuesday showed China's net gold imports rose 17% in July.
US GDP data rose 3.0% higher than the forecast of 2.8% with the previous revision of 2.8%. On the other hand, Unemployment Claims 231k was somewhat smaller than the forecast of 232k with the previous revision of 233k. In theory, this is good for USD strengthening.
Today investors will focus on Personal Consumption Expenditures (PCE) data, which is the Fed's most preferred inflation data, which is forecast at 0.2% from the previous revision of 0.2%.
