Gold rally unlikely after strong US GDP data?
Gold rally unlikely after strong US GDP data?
The United States revealed a 3.3% annualized GDP for the three months ending in December earlier today, surpassing the market's 2.0% forecast.
The likelihood of an early-year Fed rate cut seems to have diminished even further now, helping curb weakness in the dollar. Given these market conditions, does a rally in gold appear improbable in the short to medium term?
Examining the XAU/USD daily chart, the risk might remain tilted towards the downside. The bearish 20 SMA maintains its negative slope above the current price, while the longer moving averages are significantly below the present level.
On the 8-hour chart, gold encountered intraday pressure around the 20 SMA. Concurrently, technical indicators are on a downward trajectory within negative levels, suggesting a potential decline to $2,010, or even lower lows around $2,001.
The United States revealed a 3.3% annualized GDP for the three months ending in December earlier today, surpassing the market's 2.0% forecast.
The likelihood of an early-year Fed rate cut seems to have diminished even further now, helping curb weakness in the dollar. Given these market conditions, does a rally in gold appear improbable in the short to medium term?
Examining the XAU/USD daily chart, the risk might remain tilted towards the downside. The bearish 20 SMA maintains its negative slope above the current price, while the longer moving averages are significantly below the present level.
On the 8-hour chart, gold encountered intraday pressure around the 20 SMA. Concurrently, technical indicators are on a downward trajectory within negative levels, suggesting a potential decline to $2,010, or even lower lows around $2,001.
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