Could gold close above $2200 this week or next?

  • A pattern on the daily gold chart could indicate a possible rise in gold prices soon.
  • The upcoming release of US economic data, such as the GDP Growth Rate, could impact decisions made by the Federal Reserve, potentially affecting gold prices.

Examining the daily gold chart, it appears there’s a potential bullish flagpole pattern forming, indicating a possible forthcoming breakout. If this pattern unfolds, gold prices could rise. This week, gold attempted to breach $2,200 but faced rejection, dropping to $2,080 before rebounding above $2,190. 

However, market sentiment may be turning cautious ahead of significant US economic data releases in the shortened holiday week, including the GDP Growth Rate, Core PCE Price Index, and Personal Spending. Despite this caution, if the GDP Growth Rate falls from 4.9% in the previous quarter to the expected 3.2%, it could reinforce expectations of a June rate cut by the Federal Reserve, as the market anticipates. This could potentially increase demand for gold and boost its price. 

If this week’s data doesn’t serve as a catalyst, attention may shift to next week, with JOLTS Job Openings scheduled for Tuesday and NFP on Friday (US time).

Import the BlackBull Markets Economic Calendar to iCloud, Google, or Outlook to get alerts direct to your inbox, enabling you to plan your positions in advance and seize trading opportunities.    

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