Yesterday, gold made a slight bullish move, but I think the market may be stuck in a sideways trend. The price has already taken liquidity below the 2400 psychological level, leaving room for it to move higher if we get a catalyst. The price action suggests that the market is anticipating the upcoming US economic data release, which could potentially push the market either higher or lower. If the news is favorable for bulls, I believe the market could break out of its range and move higher. Overall, I'm looking for the price to test support levels and bounce back. My target is the resistance zone around 2445.
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Gold prices are edging higher as traders await key U.S. economic and inflation data later this week that could influence the Federal Reserve's policy decision timeline. Futures trade 0.4% higher at $2,416.60 a troy ounce on Wednesday ahead of U.S. GDP and PCE price index data set to be released on Thursday and Friday, respectively.
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