Gold Price Forecast: XAU/USD braces for US PCE Inflation, Durable Goods Orders below $1,800 – by anilpanchal7 Gold XAUUSD China Inflation Fed
, the precious metal prints mild gains inside a bearish chart formation , while waiting for the key US statistics.
That said, the quote’s latest gains, or ability to stop the bearish move, could be linked to the news suggesting optimism over China’s pro-growth policies as the People’s Bank of China marked the biggest weekly cash injection in two months. The same joins the chatters surrounding Evergrande’s nearness to an offshore debt restructuring plan to underpin the firmer sentiment.
Against this backdrop, S&P 500 Futures print mild gains while ignoring the Wall Street benchmarks. Further, the US 10-year Treasury bond yields extend the previous day’s rebound near the one-month high, marked early in the week. Looking forward, the mixed mood in the market and the year-end positioning could test the Gold buyers as they approach the Federal Reserve’s preferred inflation gauge, namely the US Core Personal Consumption Expenditure - Price Index, as well as Durable Goods Orders, for November. As per the market consensus, the US Core PCEremains unchanged at 0.2% MoM. However, the Annualized forecasts suggest softer figures of 4.7% YoY versus 5.0% previous readings.
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