Gold Prices Rise on US GDP Downgrade, PCE Inflation Data Up Ahead

Talking Points:

  • Gold prices corner adult on US GDP downgrade, PCE acceleration information subsequent on tap
  • Crude oil prices arise as Russia, Saudi Arabia oath continued cooperation
  • What do sell traders’ bets advise about bullion cost trends? Find out here

Gold prices were little-changed on Thursday, with a tiny rebound after an astonishing hillside of third-quarter US GDP information unwell crack informed ranges (as expected). The Fed’s adored PCE acceleration sign is subsequent adult ahead, with a core price-growth rate approaching to strike a five-month high during 1.5 percent. As with a GDP rider however, a markets’ greeting might be pale in skinny pre-holiday trade.

As withthe yellow metal, wanton oil prices enjoyed a bit of a lift though struggled to means momentum. The boost came after Russian President Vladimir Putin and Saudi King Salman Bin Abdulaziz – leaders of a world’s tip dual producers – affianced continued affianced to continue auxiliary to say appetite marketplace stability. From here, a peace in top-tier news upsurge seems expected to make for a still finish to a trade week.

What are a army pushing long-term wanton oil cost trends? Find out here!

GOLD TECHNICAL ANALYSISGold prices continue to test, a 50% Fibonacci retracement during 1267.81. Breaking this separator on a daily shutting basement opens a doorway for a exam of a 1274.56-75.24 area (November 30 close, 61.8% level). Alternatively, a pierce behind subsequent a 38.2% Fib during 1260.38 exposes a 23.6% retracement during 1251.18 anew.

Gold Prices Rise on US GDP Downgrade, PCE Inflation Data Up Ahead

Chart combined regulating TradingView

CRUDE OIL TECHNICAL ANALYSISCrude oil prices are still oscillating within a would-be Triangle draft pattern, a setup arguing for upside delay (in this case, given a preceding trend). A daily tighten above a Triangle tip (58.25) exposes a 23.6% Fibonacci enlargement during 59.83. Alternatively, a pierce subsequent a bottom (56.48) sees a subsequent downside separator during 55.04, a 23.6% Fib retracement.

Gold Prices Rise on US GDP Downgrade, PCE Inflation Data Up Ahead

Chart combined regulating TradingView

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

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