Gold prices finally breached the $2050 level after threatening since mid-December after US PCE deflator readings missed forecasts. The core metric (Fed’s preferred inflation gauge) dropped to levels last seen in April 2021 and the first negative MoM print in over 3 years.
The upcoming week (see economic calendar below) is unlikely to provide any drastic market moves as the last trading week of 2023 contains no high impact economic data and will likely remain range bound. It is important to keep a close eye on external risk events such as the ongoing war in both Ukraine and Gaza. Any notable escalation could prompt a move to safety and bring gold bulls into play
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