Spot gold remains firm as market bulls gather to the $2,048-51 challenge
The precious yellow metal turns up the heat and pushes forward to the $2,048-51 challenge after a lacklustre performance at the start of the week.
Looking ahead, eyes turn to the final week of major economic news this year after last week's dovish sentiment from the Fed; traders will expect the Federal Reserve's preferred inflation gauge, the annual Core PCE Price Index, to align with forecasts.
However, a stronger-than-expected reading may signal rate cuts will remain on hold, while a softer number could mean a decrease in interest rates (rate cut) as early as March 2024.
Based on the technicals driving the market, the Relative Strength Index (RSI) indicator 3-day lookback is positive.
The Moving Average Convergence Divergence (MACD) is mixed/weak. The ADX indicator holds to a ranging market.
With the support area remaining intact at $2,012-14, we should expect further bullish challenges towards $2,048-51.
Beyond here, it gives a neutral outlook.
However, a rejection would shift the attention to $2,012-14 – However, the bulls don’t appear to be backing down yet.
Daily Chart Spot Gold
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