Gold Trading Negative but off Intraday Low

2024-08-28 · Market News · MarketsFN Team

Gold has shown some resiliency after the most recent bullish leg which lifted the commodity to reach its all time high near $ 2533. This usually is called consolidation. The shiny metal has not seen this year any correction more severe than 7% , and today Silver, Platinum and Palladium they are sliding at least 2%.

XAU/USD is trading at $ 2,506.45, down 0.72%. On Friday inflation data will be released for both Eurozone and United States. At 0 GMT the The Core Harmonized Index of Consumer Prices (HICP) and then at 12.30 GMT The Core Personal Consumption Expenditures (PCE).

These economic calendar events perhaps would provide a catalyst for the direction of the commodity in the short term.

From a technical perspective, XAU/USD is on a short term bullish channel and has all the most relevant moving averages beneath its price.

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Gold Trading Negative but off Intraday Low

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