Gold price (XAU/USD) consolidates the last two-week losses as market sentiment dwindles amid a light calendar, allowing traders to better prepare for the key US Q1 GDP and Core PCE Price Index, the Fed’s favorite inflation gauge.
It’s worth noting, however, that the quote’s corrective bounce needs validation from the $2,000 psychological magnet and the aforementioned key US data as traders struggle with the US debt ceiling concerns and the pre-Fed preparations. Apart from the sour sentiment and pre-data/event consolidation, the Gold Price remains firmer amid the US Dollar’s failure to cheer the sour sentiment, despite stopping the further downside of the greenback.
Moving on, Gold price remains directed toward the north amid broad US Dollar weakness but the quote’s further upside needs validation from the downbeat US Q1 GDP and the Fed’s favorite inflation gauge.
Also read: Gold Price Forecast: XAU/USD needs to find acceptance above 21 DMA for further upside
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