The U.S. PMI data report that was published earlier this week was reported to be weaker than before and it cast doubt on the growth pattern of the American economy and further cast doubt on the Fed's statement on maintaining interest rates for a longer period.
At this point the market expects the implementation of interest rate cuts to be implemented at the September 2024 FOMC meeting.
Tonight, the growth report of American economic data (U.S. GDP) will be the main focus of market players.
Technical Analysis
Based on the daily chart, gold has been trading closed below the $2,318 level giving an indication that the gold market is at risk of trading low.
However, geopolitical pressures that are still unstable and the risk of rising inflation due to rising oil are still the main focus of market players.
If $2,300 is retested today and fails to break through, the $2,265 price level will be a major obstacle.
On the other hand, if the price level of $2,324 is successfully broken, gold is expected to re-enter the $2,350 level. Continued gains will be concentrated at the $2,360 price level.
