XAU/USD Price Update: Gold Surges to Record Highs as Economic Data Boosts Market Sentiment

  • Positive US GDP figures dampen market sentiment
  • Focus on upcoming US PCE inflation data
  • Gold continues its upward momentum, targeting new highs

Gold prices remain steady within a narrow range, with XAU/USD currently trading at $2,528 amid a positive Wall Street performance and weakening US Dollar. The recent release of encouraging economic data, including an upward revision of Q2 GDP to 3% and better-than-expected jobless claims, has boosted investor confidence.

After a shaky start due to NVIDIA’s earnings report impacting tech stocks, US indexes rebounded and posted solid gains, supporting the overall market sentiment. Investors are now eagerly awaiting the release of the July PCE Price Index, expected to show an increase from June figures.

Technical Analysis: What to Expect Next for XAU/USD

On the daily chart, XAU/USD shows bullish momentum with indicators pointing towards a potential challenge of the all-time high. The 20 SMA is bullish, with the 100 and 200 SMAs also maintaining positive trends. In the short term, the risk is tilted to the upside, although momentum is limited.

Support levels: $2,516.70, $2,508.80, $2,496.40

Resistance levels: $2,531.60, $2,542.00, $2,555.00

Analysis:

The surge in Gold prices to record highs is driven by positive economic data and market sentiment. Investors are closely monitoring upcoming inflation figures to gauge the future direction of XAU/USD. Technical indicators suggest a bullish outlook in the short term, with support and resistance levels indicating potential price movements. Understanding these factors can help individuals make informed decisions about their investments and financial strategies.

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