Article by: ETO Markets
There is a sense of caution since the US economy's resiliency and the Federal Reserve's interest rate outlook may be further illuminated by the upcoming quarterly GDP and PCE inflation prints. Amid global concerns about inflation and a risk-averse mindset, the price of gold is making a feeble comeback. Even so, any attempts to move higher are probably going to be restricted before to the important US data flow.
Although the price of gold showed some tenacity below $… earlier this week, it now appears to have found acceptance below the 23.6% Fibonacci retracement level of the run from February to April. The continuing decline may push the XAU/USD down to the $…–… region, or the 38.2% Fibonacci level, on its way to the $… intermediate support level.
On the flip side, if the gold price continues to rise, it may be able to test the next significant barrier, which is located in the $…–$… range, and move much higher toward the $… supply zone.
