This evening, the United States released its PCE Inflation data at 20:30 WIB, with the year-on-year PCE Inflation recorded at 2.8%, aligning with forecasts published by Trading Central. This figure remains unchanged from the previous period, indicating that inflationary pressures are stabilizing in the United States. Market participants had previously anticipated this figure as a significant factor that could influence the future monetary policy direction of the Federal Reserve.
Following the announcement of this data, gold prices exhibited volatile movements. Market reactions reflected uncertainty regarding the long-term impact of this data on US interest rate policies. If inflation remains under control, the Federal Reserve might consider a more dovish approach, which could support an increase in gold prices.
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Investors are now awaiting statements from Federal Reserve officials as well as upcoming economic data that could provide further insights into interest rate prospects. The current resistance level for gold is around $2,815, while the nearest support is at approximately $2,795. If volatility remains high, gold may test one of these levels in the near future.
Additionally, currency pairs EURUSD and GBPUSD weakened following the release of the data, with EURUSD dropping to 1.0378 and GBPUSD falling to 1.2408.
