Gold fell after strong U.S. economic data increased demand for the dollar. This week, gold has been under selling pressure as traders take profits. Today, the U.S. will release the January Personal Consumption Expenditures (PCE) inflation report. If inflation slows as expected, interest rates may go down, which could help gold rise.
However, since it is the weekend and the end of the month, traders may sell gold at high prices for adjustments, making it easy for the price to drop again.
Expected Gold/Dollar Price Range: 2890 – 2840
Note: This information does not guarantee profits. Make your own decisions when trading.