Gold Trading Negative but off Intraday Low
MarketsFN Team
Gold has shown some resiliency after the most recent bullish leg which lifted the commodity to reach its all time high near $ 2533. This usually is called consolidation. The shiny metal has not seen this year any correction more severe than 7% , and today Silver, Platinum and Palladium they are sliding at least 2%.
XAU/USD is trading at $ 2,506.45, down 0.72%. On Friday inflation data will be released for both Eurozone and United States. At 0 GMT the The Core Harmonized Index of Consumer Prices (HICP) and then at 12.30 GMT The Core Personal Consumption Expenditures (PCE).
These economic calendar events perhaps would provide a catalyst for the direction of the commodity in the short term.
From a technical perspective, XAU/USD is on a short term bullish channel and has all the most relevant moving averages beneath its price.
