Gold Market Outlook
Compared to the 4.2% estimate, the US GDP increased at an annualized pace of 4.9% in the third quarter. Contributions from exports, rising inventories, government spending, consumer spending, and residential investment all contributed to the notable increase. The US dollar and US Treasury bond yields were unimpressed with the report, despite the fact that the robust US economy supported the higher interest rates are maintained by the Fed for a longer period. The US GDP data caused the gold price to continue its corrective slide from weekly highs of $1,994, but it was able to stabilize and settle slightly higher.
The bull flag is still in effect and gives purchasers hope, thus the price of gold is starting to pick up steam before its next surge upward. The five-month high of $… is the price of gold's immediate obstacle. A weekly closing acceptance over the $… barrier is necessary to unlock further gains. The next significant topside barrier is anticipated to be at mid-May highs of $...
On the other hand, another rejection close to the multi-month high of $… would support gold sellers and cause a steep decline toward the low of $… from the day before. If the latter is consistently moved below, gold sellers will be prompted to test $… support level where the SMA-50 aligns.
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