Core PCE Inflation In Focus
The "Core PCE" data report that will take place tonight is the main focus of market players for the close of this week's trading session.
This data is the Fed's main indicator in measuring the current level of inflation in America.
Market sentiment at this point expects the implementation of interest rate cuts to take place at the September 2024 FOMC meeting.
Foreign economic analysts expect the inflation data tonight to be seen to experience a decrease in the inflation reading of 2.5% in June compared to 2.6% the previous month.
However, we at Saracen Markets believe that the strengthening of the American GDP data that was reported yesterday is seen to pose a risk to the inflation reading that will be reported tonight.
Technical Analysis Based on the daily chart, the price level of $2,360 has been successfully defended. However, the price level of $2,380 is the main obstacle for the gold market to remain "bullish".
If tonight's data report puts "bearish" pressure on the gold market, the $2,317 price level is the main barrier.
