Gold price (XAU/USD) trades slightly in the green in Wednesday’s European session but has an uncertain outlook in the near term as investors have scaled down expectations of Federal Reserve (Fed) rate cuts in June.
Gold price attempts for a firm footing, although the near-term outlook remains uncertain. Stubborn US inflation for February has increased the uncertainty over Fed rate cuts in June. Investors will shift focus to the US PPI and Retail Sales data for February. Gold price trades slightly in the green in Wednesday’s European session but has an uncertain outlook in the near term as investors have scaled down expectations of Federal Reserve rate cuts in June.
The PPI data will show the pace at which producers change prices of goods and services at factory gates. The Retail Sales data will indicate the strength in households’ spending, which feeds consumer price inflation. Retail Sales are forecasted to have increased by 0.8% after declining by 0.8% in January. Technical Analysis: Gold price holds$2,160 Gold price faced a sharp sell-off after failing to sustain near all-time highs around $2,195.
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