Commodities
Gold Bounces Off Trend Line Amid Soft PCE Data
The gold price rebounded from a major trend line after softer PCE inflation data on Wednesday, but elevated interest rates and upcoming U.S. jobs data keep the broader outlook uncertain.
According to FXEmpire, the market gapped higher at the start of the day, with the price bouncing off a major trend line support toward the 4,222.4 level. This trend line had been acting as key support for gold in recent sessions.
The softer PCE numbers came in lower than anticipated, but GDP is hotter, which could potentially impact inflation and interest rates. The jobs data on Friday will be closely watched to gauge whether inflation is rising or falling.