- Gold is caught in the middle of a tug of war between buyers and sellers.
- Gold maintains its gains after recovering on Tuesday afternoon.
- XAU/USD seeks to gain a foothold at the $2,050 level.
The prices of Gold They continue to rise, remaining at the high part of $2,040 on Wednesday. Gold reached its highest bids in six months.
The The bullish objective of the day will be to establish new all-time highs above $2,052.
The rise in the growth figures for the US Gross Domestic Product (GDP) is mixed with the surprising hard-line words of the president of the Federal Reserve Bank (Fed) of Richmond, Tom Barkin, who pointed out that the increases Rate changes may not be entirely out of the question if inflation rises again.
Real GDP growth in the US, contradictory messages from the Fed
Quarterly US GDP growth stood at 5.2% in the third quarter, exceeding market forecasts (5.0%) and 4.9% in the previous quarter.
The personal consumption expenditure price index (CPI) for October will be published on Thursday.
Wall Street expects PCE inflation, the Fed’s preferred method of measuring price growth, to decline slightly, with hopes that inflation will continue to cool steadily in the United States.
Inter-monthly PCE inflation is expected to be 0.2%, compared to 0.3%, while the annualized period for October would be 3.56%, compared to 3.7% in September.
Richmond Federal Reserve Bank President Tom Barkin said Wednesday that he is not willing to rule out further rate hikes once and for all, saying he believes inflation will remain strong for longer than markets expect. currently foresee.
Richmond Fed President Barkin is skeptical that US inflation will return to 2% in the near term without active Fed intervention.
XAU/USD Technical Outlook
Spot Gold continues to bid higher, looking directly into the mouth of 2023 highs around $2,080, and the pair is rising as markets continue to pressure XAU/USD after decisively reclaiming the $2,000 on Monday.
Gold remains higher after a bounce from the 200-day moving average (SMA) near $1,940, and bullish price action is seeing a squeeze on the moving averages, with the 50-day SMA poised for a bullish crossover from the 200-day SMA as long as the upper momentum holds.
XAU/USD Daily Chart
XAU/USD Technical Levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
%20Luca%20Delpia%20-%20Archivio%20della%20Fondazione%20I%20Teatri%20Reggio%20Emilia%201071%20b%20(002).jpg "The CCCP on stage in Legnano for the last call: “If you weren’t there, we would not be here”")
