US recent CPI m/m and Retail sale m/m were more positive than anticipation. The latest weekly close of Gold price was 2029.61 which is lower than the previous weekly close price. The next advanced GDP of the US is forecasted at 2.0% which will be released 25th January 21, 2024. We anticipate the advanced GDP data will be better than 2.0% which may tend to make a bearish move of Gold.
According to the technical aspect gold price seems to touch the 1980 landmark before it’s heading towards the 2100 price level.
Here is an illustration of the Gold daily close price which can be the potential upcoming movement.
Also, lower time frames like H4 are showing a downtrend that is still intact and might go for retesting the trendline and continue the downtrend towards the near-term support zone or may continue further and try to grave the liquidity.
