{"id":15142,"date":"2024-09-27T08:12:02","date_gmt":"2024-09-27T08:12:02","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15142"},"modified":"2024-09-27T08:12:02","modified_gmt":"2024-09-27T08:12:02","slug":"gold-holds-steady-near-record-highs-as-traders-await-u-s-inflation-data","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/gold-holds-steady-near-record-highs-as-traders-await-u-s-inflation-data\/","title":{"rendered":"Gold Holds Steady Near Record Highs as Traders Await U.S. Inflation Data"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gold trades near $2,670 per ounce, supported by safe-haven demand.<\/li>\n\n\n\n<li>Markets await U.S. PCE inflation data for clues on Fed&#8217;s rate policy.<\/li>\n\n\n\n<li>U.S. economic data challenges expectations of aggressive rate cuts.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p class=\"wp-block-paragraph\">Gold prices (Symbol: XAUUSD) remain near record highs of $2,670 per ounce as traders await the U.S. Personal Consumption Expenditures (PCE) report for clearer insights into the monetary policy direction of the Federal Reserve.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/09\/20240927-160641-1024x460.jpg\" alt=\"\nGold prices have retreated from the recent high of 2685.58 and are currently consolidating around the 2660 level. On the 30-minute XAUUSD chart at vtmarkets.com, the price is hovering just above the 24- and 72-period EMAs, indicating a short-term support area. The MACD is signaling weakening bullish momentum, with the histogram approaching zero, suggesting possible consolidation or a minor correction.\" class=\"wp-image-15143\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>Picture: XAUUSD prices stay near record highs as traders await US inflation data, as observed on the<a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\"> VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gold prices have experienced a pullback from the recent high of 2685.58, with the price currently consolidating around the 2660 level. On the 30-minute chart, we observe that the price is holding just above the 24- and 72-period exponential moving averages (EMAs), suggesting a short-term support zone. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The MACD is showing signs of waning bullish momentum as the histogram turns towards zero, indicating potential consolidation or a minor correction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We are watching the key support at 2650, where a breakdown could lead to further declines, with the next support near 2625. On the upside, resistance lies at 2680, with a move above potentially signaling renewed bullish strength. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Market participants remain cautious after strong U.S. economic data reduced the likelihood of aggressive Fed rate cuts, tempering the bullish case for gold.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Related content:<a href=\"https:\/\/www.vtmarkets.com\/blog\/education\/interest-rate-tug-of-war-for-central-banks-hawkish-vs-dovish\/\"> Interest rate tug of war for central banks<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Markets are currently pricing in a 49% chance of a 50 basis point rate reduction in November, showing uncertainty about the next steps of the Fed. Meanwhile, fiscal stimulus in China and growing geopolitical tensions in the Middle East continue to boost gold\u2019s status as a safe-haven asset.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read more on: <a href=\"https:\/\/www.vtmarkets.com\/tools\/education\/trading-guides\/how-to-trade-gold\/\">How to trade gold<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The yellow metal is on track for its third straight weekly gain, reflecting sustained investor interest.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold prices ease as market focus turns to US Fed meeting <a href=\"https:\/\/t.co\/jOIfIltOHh\">https:\/\/t.co\/jOIfIltOHh<\/a><\/p>&mdash; ET Commodities (@ETCommodities) <a href=\"https:\/\/twitter.com\/ETCommodities\/status\/1638018115207409665?ref_src=twsrc%5Etfw\">March 21, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h1 class=\"wp-block-heading has-medium-font-size\">Short-term Outlook for Gold Traders<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Caution ought to be maintained ahead of the PCE data release, as any strong inflation signals could affect the likelihood of future rate cuts. The ongoing geopolitical risks may lead to further upward pressure on gold prices, as investors hedge against global uncertainty. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Traders may continue to target record-high levels, but volatility is expected, especially if the Fed signals a softer stance on future rate cuts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">Create your live VT Markets account<\/a><\/strong><strong> and<\/strong><strong><a href=\"https:\/\/myaccount.vtmarkets.com\/login\"> start trading<\/a><\/strong><strong> now.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold holds at record highs as markets anticipate U.S. PCE data and monitor Fed rate cut chances. Discover why traders favour gold amid geopolitical tensions and economic updates. -vtmarkets.com<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[7,46],"class_list":["post-15142","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-gold","tag-precious-metals"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15142"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15142\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}