Today's closing of XAU/USD

Gold (XAU/USD) had been trading between 2025 and 2050 for almost a week. Even slightly weaker than forecast Prelim GDP of the US did not push it to 2050 yesterday.

Today's monthly core PCE of the US came same as forecast i.e. 0.4%, however, there was a negative 0.1% revision in the previous release. As a result, the precious metal soared to 2050.

Today's closing above 2050 will pave a better path for bulls.

Alternatively, today's closing below 2050 will keep it inside the gradually falling channel.

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