The pressure experienced by the American Dollar since yesterday's New York session was able to slow down the price of gold to go lower.
Investors are currently fully focused on the American PCE Inflation data report tomorrow where it is expected to be able to provide clear "support" prices for the gold market.
However, the focus of tonight's data, which is the American GDP and Durable Goods Order, will provide a new indication of the latest situation of the country's economic situation, therefore it is seen to be able to provide an indication of the "timing" of the implementation of the reduction in American interest rates and should have an impact on the gold market.
Market players expect a 62% reduction in interest rates to be implemented in September 2024.
Technical Analysis
Based on the daily chart, the price of gold is seen to be at risk of falling to a lower level. Therefore any increase in the price of gold today is seen as a "retracement" of a temporary nature.
If the price of gold continues to be pushed lower, the price level of $2,283 will be in focus.
If the level is successfully maintained, the price of gold can trade high up to the level of $2,325.
But on the other hand, if the level of $2,283 is successfully broken, $2,250 is seen to be the main goal of gold investors. However the $2,300 price level remains in focus.
