Gold News: PCE Inflation Data Looms Over Gold Market Amid Weekly Losses
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Gold prices are under pressure as they remain below the $2607 resistance level. The upcoming PCE inflation data, along with the Federal Reserve's hawkish stance, rising Treasury yields, and a strong dollar, are contributing to weekly losses in the gold market.
December 20, 2024 | 1:30 pm
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AAAU, a gold-backed ETF, may experience short-term price pressure due to gold's struggle below the $2607 resistance level. The looming PCE inflation data, along with the Fed's hawkish tone, rising Treasury yields, and a strong dollar, are key factors.
AAAU is directly impacted by gold prices, which are currently under pressure due to several macroeconomic factors. The PCE inflation data could further influence gold's performance, affecting AAAU's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80