Gold Declines as PCE Inflation Data Cools

📊 Market Overview:
Gold is currently trading around $3,289/oz, down from the day's high of $3,322. This decline follows the U.S. PCE inflation data showing a 2.1% annual increase in April, below the forecast of 2.2% and March's 2.3%. Core PCE also rose 0.1% monthly and 2.5% annually, the lowest since early 2021.

📉 Technical Analysis:
• Key Resistance: $3,310 – $3,330
• Nearest Support: $3,270
• EMA: Price is currently below the 09 EMA, indicating a short-term downtrend.
• RSI Indicator: The RSI is declining, signaling increasing selling pressure.
• Candlestick Pattern: A bearish candlestick pattern has formed after failing to break above the $3,330 resistance zone.

📌 Outlook:
If gold fails to hold the $3,270 support level, it may continue to decline towards $3,250. However, maintaining above $3,270 could see a rebound towards the $3,300 – $3,310 range.

💡Suggested Trade Strategy:
SELL XAU/USD at: $3,310 – $3,315
🎯 TP: $3,290
❌ SL: $3,320
BUY XAU/USD at: $3,270
🎯 TP: $3,290
❌ SL: $3,260