Gold managed to trade higher on Tuesday, maintaining its bullish run ahead of key US growth and PCE inflation data. Subdued gold volatility may soon lead to consolidation
Gold has performed well considering markets have dialed back aggressive rate cuts for 2024. At the end of last year, 2024 was shaping up to be a strong year for gold as rate cuts were expected to arrive as early as Q1, with the new year expected to see around six separate 25 basis point cuts from the Fed.
However, markets have realized the error in their ways and have been forced to meet the Fed around their initial forecast of three rate cuts for the year. Thus, yields have actually risen and yet gold has held up rather well.
Gold appears all too happy to track alongside former trendline support, now resistance with the blue 50-day simple moving average capping upside for now.
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