The current price of XAU/USD is $2,023.93. This week, the United States has a busy calendar with various economic data releases and central bank announcements. Wall Street continues to see gains due to solid earnings reports.
On the technical side, XAU/USD is currently considered neutral in the near term, but bears are dominating the wider view. Spot Gold has seen a slight change in direction, trading around $2,024 after earlier intraday losses.
Looking ahead, investors are cautious as they await critical first-tier data releases throughout the week. The US will release the preliminary estimate of Q4 GDP, which is expected to show a decrease from Q3. Additionally, the US will offer the December Core PCE Price Index, the Fed’s preferred inflation gauge, and several central banks will report their monetary policy decisions.
From a technical perspective, on the daily chart, XAU/USD is showing signs of continued decline, while the 4-hour chart presents a more neutral stance.
In terms of support and resistance levels, XAU/USD has support at $2,016.40, $2,001.60, and $1,988.60, while resistance levels are at $2,033.10, $2,047.20, and $2,056.80.
It’s important to keep an eye on the upcoming economic data releases and central bank announcements as they could have a significant impact on XAU/USD. Additionally, global economic trends and geopolitical events may also influence the direction of Gold prices in the near future.
