The US July overall and core Personal Consumption Expenditures (PCE) price index rose month-on-month, while the same period last year’s overall and core PCE price index remained flat, showing no decline. The second quarter’s overall and core PCE price indexes were higher than expected and the previous reading. These data, which the Federal Reserve values ​​as reflecting inflation, likely failed to expand investor expectations that the Fed would not easily raise interest rates, potentially dampening investor interest in buying gold at high levels. Gold prices are likely to encounter resistance in the short term as they climb to around $4,659.

Gold prices may fluctuate between $4,566 and $4,659 in the short term. Pay close attention to potential entry opportunities at the higher end of this range. There is potential for short-term pullbacks, with $4,679 serving as a key support level. Appropriate risk management is essential.

Risk Warning: This article is for market analysis purposes only. Price ranges and levels mentioned are for market observation and reference only and do not constitute any investment advice. Precious metal prices are highly volatile; please make independent and prudent decisions and manage your own risk.

Gold price chart (1 hour):

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com