Gold Steady as US Markets Pause For Thanksgiving
The precious yellow metal continued its upward momentum after breaking a bearish streak, while broader markets stayed muted due to the US Thanksgiving holiday closure on Friday.
Earlier in the week, robust US inflation data reignited concerns that the Federal Reserve might remain cautious about easing interest rates.
The Fed's preferred inflation measure, the Personal Consumption Expenditures (PCE) index, rose 2.3% year-over-year in October and 0.2% month-over-month.
Additionally, US unemployment benefit claims declined by 2,000 to 213,000 last week, and the Q3 GDP report highlighted strong economic growth, with the economy expanding at an annualised rate of 2.8%.
Based on the technical signals, the Relative Strength Index (RSI) is positive, and the Moving Average Convergence Divergence (MACD) reflects a mixed stance.
Meanwhile, the Average Directional Index (ADX) indicates a ranging market.
Given these signals, further whipsaw movement is expected as the market firms up the bullish trend, as the break above $2,648-49 may now trigger a rally toward $2,679-82 to $2,700. Reassess at either level.
Daily Chart Spot Gold
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