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Gold Prices Rise on US GDP Downgrade, PCE Inflation Data Up Ahead

Gold Prices Rise on US GDP Downgrade, PCE Inflation Data Up Ahead

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Gold prices edge up on US GDP downgrade, PCE inflation data next on tap
  • Crude oil prices rise as Russia, Saudi Arabia pledge continued cooperation
  • What do retail traders’ bets suggest about gold price trends? Find out here

Gold prices were little-changed on Thursday, with a small bounce after an unexpected downgrade of third-quarter US GDP data failing breach familiar ranges (as expected). The Fed’s favored PCE inflation gauge is next up ahead, with the core price-growth rate expected to hit a five-month high at 1.5 percent. As with the GDP revision however, the markets’ reaction may be muted in thin pre-holiday trade.

As withthe yellow metal, crude oil prices enjoyed a bit of a lift but struggled to sustain momentum. The boost came after Russian President Vladimir Putin and Saudi King Salman Bin Abdulaziz – leaders of the world’s top two producers – pledged continued pledged to continue cooperating to maintain energy market stability. From here, a lull in top-tier news flow seems likely to make for a quiet end to the trading week.

What are the forces driving long-term crude oil price trends? Find out here!

GOLD TECHNICAL ANALYSISGold prices continue to test, the 50% Fibonacci retracement at 1267.81. Breaking this barrier on a daily closing basis opens the door for a test of the 1274.56-75.24 area (November 30 close, 61.8% level). Alternatively, a move back below the 38.2% Fib at 1260.38 exposes the 23.6% retracement at 1251.18 anew.

Gold Prices Rise on US GDP Downgrade, PCE Inflation Data Up Ahead

Chart created using TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices are still oscillating within a would-be Triangle chart pattern, a setup arguing for upside continuation (in this case, given the preceding trend). A daily close above the Triangle top (58.25) exposes the 23.6% Fibonacci expansion at 59.83. Alternatively, a move below its bottom (56.48) sees the next downside barrier at 55.04, the 23.6% Fib retracement.

Gold Prices Rise on US GDP Downgrade, PCE Inflation Data Up Ahead

Chart created using TradingView

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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