Amid these contrasting Fed perspectives, geopolitical developments like the Israel-Hamas ceasefire extension exert a more muted influence on gold’s traditional safe-haven status. Market focus is now pivoting to the upcoming preliminary US GDP report, anticipated to exhibit a robust 5% expansion in Q3, and the closely monitored US Core PCE Price Index, due Thursday, for further economic cues.
Gold Technical Outlook
Today’s GOLD price exhibits bullish momentum, nearing the anticipated target of $2,055.00 and challenging the resistance of the short-term bullish channel. The support from the EMA50 suggests potential for further gains, aiming for $2,075.25, provided the resistance around $2,047.00 is decisively breached.
Otherwise, a retest of the pivotal $2,009.30 support might precede any renewed bullish efforts. Today’s forecasted trading range lies between $2,030.00 support and $2,065.00 resistance, with the prevailing trend decidedly bullish.