Gold ( XAUUSD) price has remained above 2500 USD since the start of the week, but it has yet to surpass the historical high of 2532 USD. Today, market attention turns to the release of US inflation data (PCE), which could influence price movements. For detailed insights, read our XAUUSD analysis for 30 August 2024.
XAUUSD forecast: key trading points
- Market focus: investors are closely monitoring today's US inflation data
- Current trend: gold is in a strong uptrend, with potential for continued growth following corrective moves
- XAUUSD forecast for 30 August 2024: 2,532 and 2,483
Fundamental analysis
XAUUSD quotes have held above 2500 USD this week, bolstered by expectations of a Fed rate cut in September. However, the price has struggled to break through the 2532 USD resistance level, facing intense selling pressure at this mark. Today's US inflation statistics could provide the catalyst for further movement.
The Core Personal Consumption Expenditures (PCE) Price Index, set to be released during the American session, is expected to show a 2.7% year-on-year increase. A reading above this forecast would likely strengthen the US dollar, while a lower-than-expected figure could boost gold prices. Following the data release, XAUUSD may experience heightened volatility.
XAUUSD technical analysis
On the H4 chart, XAUUSD quotes remain within an ascending price channel with a newly formed triangle pattern. A breakout from this pattern could signal the next directional move, potentially triggered by the US inflation data during the American session.
In the short-term XAUUSD price analysis, if the bulls successfully break above the upper boundary of the triangle pattern, the price could rise to 2600 USD. Conversely, a drop below 2500 USD would likely lead to a test of the support zone between 2483 and 2477 USD, setting the stage for a deeper correction.
Summary
Gold holds firmly above 2500 USD but has yet to breach the 2532 USD resistance level. Today's US inflation data (PCE) could be a key determinant of XAUUSD prices' next direction.
