After a brief drop below $2,150, Gold began to recover at the start of the new week. Commerzbank strategists analyze the prospects for the yellow metal.
US data has been mixed lately
The so-called “dot plot”, that is, the interest rate forecasts of each of the members of the Federal Open Market Committee (FOMC), will likely attract special attention at this week's Fed meeting.
US data has been mixed lately. While economic data has been rather disappointing, price data has pointed to ongoing inflationary pressures. In this context, we believe that central bankers are unlikely to change their valuation, leaving the “points” more or less unchanged. This would likely be positive for Gold as some market participants are likely to expect an upward revision to interest rate expectations following the US inflation data.
Source: Fx Street
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