Gold price started the week on a bullish note and climbed to its highest level since early September near $1,950 before reversing its direction in the
growth for the second quarter, which is forecast to be revised slightly higher to 2.2% from 2.1% in the previous estimate. On Friday, the BEA will publish the Personal Consumption Expenditures Price Index, the Fed’s preferred gauge of inflation, data for August. On a monthly basis, the Core PCE Price Index, which excludes volatile food and energy prices, is expected to rise 0.2% to match July’s increase.
Even if the USD stays resilient against its peers and the 10-year US T-bond yield holds steady near multi-year highs, Gold price could still manage to inch higher. In September, XAU/USD is down 0.7%, while XAU/EUR and XAU/GBP pairs are up 1.2% and 2.7%, respectively. The weakening positive correlation between these pairs suggest that Gold could continue to find demand while investors look for a safer alternative to these currencies.
If the pair makes a sharp decline below $1,920 and confirms that level as resistance, the $1,900-$1,890 area could be set as the next bearish target before $1,875 .Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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