[Sponsored Article]
In the opening trading session of the last week of May 2024, the price of gold is seen to have traded high due to geopolitical pressure in the Middle East which is getting worse.
However, Fed committee member Kashkari's "hawkish" statement has limited the rise in gold prices.
The "Forecast" report of the PCE data that will be reported this Friday also led to an increase in the price of gold at the beginning of this week when the inflation data is expected to increase by 0.2% compared to before.
However, in today's trading session, investors are seen taking cautious steps following Fed Kashkari's statement and yesterday's "Consumer Confidence" data report which was described as "Hawkish".
The geopolitical conflict in the Middle East and the increased demand for gold in India following the Akshaya Tritiya festival, are seen to still be able to push gold prices to trade higher this week. However, the PCE inflation data report will be the main focus of investors.
In addition, the China PMI data report that will be reported this Friday is also a major factor in gold demand.
China and India are by far the main factor variables in the demand and supply pattern of gold prices.
Technical Analysis
Gold market players are seen to take precautionary measures, gold is expected to trade around the $2,372-$2,353 level.
The two price levels are seen to be the main driver of the gold price if the level is successfully penetrated.
$2,400 will be reached if the level of $2,372 is successfully broken and on the other hand $2,303 will be the main obstacle if $2,353 is broken.
Want to read more? Get Market Outlook which is a reference for institutions and professional traders. Register a trading account with Saracen Markets immediately to get it. – CLICK HERE
