Gold retreats from three-month high to near $4,600 after US PCE data
Gold has enjoyed a strong month, but momentum has started to falter after the rally stalled near resistance. Sticky US inflation and firm growth data supported the US dollar, while month-end flows and Kevin Warsh's Jackson Hole speech add further near-term risk.
Gold price tests support after its bullish breakout. Holding the 200-day average could reinforce the reversal and keep the $4,780 target in play.
Gold tumbles as high US inflation supports Fed hawkish bets
Higher-than-expected PCE data put pressure on gold prices today.
Gold was down nearly 1.5% on the session, with US indices and Bitcoin also struggling. Is this a mere pause before more gains are seen, or have we already seen the end of the recent bullish advance?
Bitcoin vs Gold Price Prediction: Rally cools as US PCE inflation holds steady
Gold prices are currently up close to 14% in the month of August and that's the strongest month for spot XAU/USD in at least 17 years, with a bit of time left to go. And more attractive than just the rally is how the move happened, with six months of digestion from the prior parabolic rally followed by a build of support at the $4k level.
Gold price retreats from $4,700 as profit-taking emerges. Technical analysis highlights $4,500 support and $4,800 as the key breakout level.
Gold slips as sticky US PCE inflation fails to boost Fed rate-hike expectations
Gold eases from $4,700 high ahead of key US PCE inflation data
Gold traded around 4,650 USD per ounce on Wednesday, remaining near three-month highs. Investors are awaiting the latest PCE data – the Federal Reserve's preferred measure of inflation.