After a calm start to the week, Gold (XAU/USD) broke out of its tight trading range on Thursday and climbed to a two-week-high above $2,360.
Gold gathered bullish momentum but erased its weekly gains heading into the weekend. The near-term technical is yet to highlight a buildup of bullish momentum. Investors will keep a close eye on geopolitics and US data next week. After a calm start to the week, Gold broke out of its tight trading range on Thursday and climbed to a two-week-high above $2,360. The persistent USD strength ahead of the weekend, however, caused the pair to erase its gains.
policymakers use the annual Core PCE Price Index, which excludes volatile food and energy prices, as their primary gauge of inflation. A stronger-than-expected reading could help the USD outperform its rivals as it would hint at a possible hawkish shift in the Fed’s forward guidance and vice versa.
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