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Gold Price Forecast: Bulls Face a Challenge Ahead US PCE Data

February 24, 2023

Via: DailyFX

Gold prices declined yesterday printing a fresh low around the $1817 mark in the US session. Overnight buying pushed the precious metal back toward the $1825 handle with the European open facilitating further declines (trading at $1820 at the time of writing).

Gold bulls remain sidelined at present with the dollar keeping any attempted move to the upside in check. The dollar index has surprisingly continued its move higher despite further rate hikes and a higher peak rate from the US Federal Reserve largely priced in by market participants. Gold appears to be in need of a catalyst if we are to see an upside bounce be sustainable at this stage as we have seen repeated attempts at a push higher this week halted by dollar strength.

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