Could Gold be influenced by US economic data? – Crypto News – Crypto News
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XAU/USD to added credence to bearish potential on a drop under $1,750 XAU/USD to added credence to bearish potential on a drop under $1,750

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Could Gold be influenced by US economic data? – Crypto News

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1 year ago

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Precious metals are losing a bit of steam amid a strengthening US Dollar (USD), TDS Senior Commodity Strategist Ryan McKay notes

Economic data to influence appetite for Gold

“Looking forward, traders are watching the data like hawks and a host of economic data this week could influence the macro cohort’s appetite for Gold (XAU/USD).”

“The PCE data will be top of mind after the below consensus CPI and PPI data, and we look for the core segment to advance at its softest monthly pace of the year at 0.13%. Further signs that inflation is easing could start to generate more certainty around the Fed’s cutting path.”

“On the flip side however, we see only limited scope for downside should data come in hot. Indeed, CTAs hold a margin of safety above $2,200/oz before any material selling, while physical demand from central banks and Asian precious metals appetite continues to support the market.”

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