In the European trading session on Wednesday, the price of gold (XAU/USD) continued its downward trend, despite a lack of strong selling pressure. The trading range has been maintained for several days, with traders exercising caution and waiting for further signals from the Federal Reserve regarding interest rate cuts. The market's focus is currently on key economic data from the United States this week, starting with the flash PMI index today, followed by Q4 GDP figures and Core PCE Price Index on Thursday and Friday.
Given the risks associated with this important data, expectations for the first interest rate cut by the Fed have now been pushed back from March to May, negatively impacting the price of gold. This is reflected in the slight decline in US Treasury bond yields, strengthening the US Dollar (USD) and limiting the recovery potential of XAUUSD.
It is expected that the long-term downward trend in gold prices will continue in the near future.
Given the risks associated with this important data, expectations for the first interest rate cut by the Fed have now been pushed back from March to May, negatively impacting the price of gold. This is reflected in the slight decline in US Treasury bond yields, strengthening the US Dollar (USD) and limiting the recovery potential of XAUUSD.
It is expected that the long-term downward trend in gold prices will continue in the near future.
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