Best Forex Free Single XAU/USD Free Single Today XAU/USD Gold Spot US Dollar 27/01/2023
Despite better-than-expected U.S. economic growth figures, gold prices moved little on Friday as metal markets hunkered down ahead of the Federal Reserve’s preferred inflation gauge.
Despite underlying trends indicating more weakness, gold prices retreated sharply from a nine-month high on Thursday. It nonetheless helped the dollar recover from a near eight-month low against a basket of currencies, and triggered a recovery in risk appetite.
A focus now turns to the core Personal Consumption Expenditures price index reading for December, which is expected to have declined further from the previous month. The reading, however, should remain well above the Fed’s 2% target for the year.
XAU/USD Gold Spot US Dollar 27/01/2023 Best Forex Free Single XAUUSD Gold Price
By 21:02 ET (02:02 GMT), spot gold was steady at $1,929.82 an ounce, while gold futures were lower at $1,929.80 an ounce. In the coming week, the two instruments are expected to gain about 0.2%.
Gold has recovered most of its losses over the past six weeks thanks to safe-haven demand and expectations of less severe U.S. interest rate hikes.
A record high was also reached in 2022, but prices were about $140 below that level.
Gold prices are now expected to trade off two major factors – signs of a global recession and any new signals on monetary policy from the Fed.
The central bank is widely expected to hike interest rates by 25 basis points when it meets next week.
Gold Price XAU/USD Sell
Entry Point 1931
1 Take Profit 1928
2 Take Profit 1925
3 Take Profit 1920
Stope Loss 1940