Gold (XAU/USD) fluctuated in a relatively narrow channel as it failed to benefit from the broad-based selling pressure surrounding the US Dollar (USD) this week.
Gold is having a tough time gathering directional momentum. US PCE inflation data from the US next week could help XAU/USD break out of its range. Key near-term resistance for the pair seems to have formed at $2,030. Gold fluctuated in a relatively narrow channel as it failed to benefit from the broad-based selling pressure surrounding the US Dollar this week. Nevertheless, XAU/USD ended up posting small weekly gains.
“Cutting too soon could squander inflation progress and risk considerable harm to the economy,” Waller argued. The market reaction remained subdued ahead of the weekend and Gold remained within its weekly range on Friday. Gold price could react to US PCE inflation data next week The US economic docket will feature Durable Goods Orders data for January on Tuesday. On a monthly basis, Durable Goods Orders are forecast to decline 4.5% after staying unchanged in December.
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