{"id":3039,"date":"2024-05-31T07:41:45","date_gmt":"2024-05-31T07:41:45","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=3039"},"modified":"2025-05-15T14:05:32","modified_gmt":"2025-05-15T14:05:32","slug":"pce-gold-may-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/de\/education\/market-insights\/opening-bell\/pce-gold-may-2024\/","title":{"rendered":"All Eyes on U.S Core PCE Today, Gold Could Drop to $2,300"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"914\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-51.png\" alt=\"\" class=\"wp-image-3042\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-51.png 1600w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-51-300x171.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-51-1024x585.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-51-768x439.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-51-1536x877.png 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p>With the Core PCE data scheduled for release today, the markets have been fairly quiet throughout the week &#8211; largely cooling off from their rallies. <\/p>\n\n\n\n<p>Overall trading volume this week was low, implying that most market participants are sitting out in anticipation of the Core PCE data.<\/p>\n\n\n\n<p><strong>Key Takeaways:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>High Impact News<strong> <\/strong>at 12:30 UTC \u2013 U.S Core PCE Data<\/li>\n\n\n\n<li>Core PCE is forecasted at 0.3%, if it is higher, then it could imply Fed Rates stay high for longer.<\/li>\n\n\n\n<li>The implications could drive Gold lower towards $2,300 and potentially $2,200.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>New York Time (GMT-4)<\/td><td>London Time (GMT+1)<\/td><td>Asia Time (GMT+8)<\/td><\/tr><tr><td>8:30AM<\/td><td>1:30PM<\/td><td>8:30PM<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Core PCE News<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1442\" height=\"184\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-49.png\" alt=\"\" class=\"wp-image-3040\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-49.png 1442w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-49-300x38.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-49-1024x131.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-49-768x98.png 768w\" sizes=\"auto, (max-width: 1442px) 100vw, 1442px\" \/><\/figure>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.forexfactory.com\"><strong>Forex Factory<\/strong><\/a><\/p>\n\n\n\n<p>The Core PCE (Price Consumption Expenditure) m\/m data is interesting to many traders, as it reveals how effective the Federal Reserve has been in controlling inflation.<\/p>\n\n\n\n<p>If the month-over-month data comes in higher than the expected 0.3%, this could cause some temporary volatility for Gold \u2013 where the general direction is bearish.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Gold Technicals<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1072\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-50.png\" alt=\"\" class=\"wp-image-3041\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-50.png 1600w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-50-300x201.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-50-1024x686.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-50-768x515.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/05\/image-50-1536x1029.png 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/figure>\n\n\n\n<p><strong>Source: TradingView<\/strong><\/p>\n\n\n\n<p>The Gold (XAUUSD) 4H chart is particularly interesting, as we have several resistances stacking at the topside. First, we can identify a Fair Value Gap at approximately $2,400, which is also present on the daily time frame.<\/p>\n\n\n\n<p>By drawing an <strong>Anchored Volume Profile <\/strong>from the beginning of May, we reveal three key points of interest.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Value Area High: $2,378.073<\/li>\n\n\n\n<li>Point of Control (Highest Traded Volume): $2,346.022<\/li>\n\n\n\n<li>Value Area Low: $2,298.980<\/li>\n<\/ul>\n\n\n\n<p>If Gold manages to push higher, I would keep an eye on the <strong>Value Area High<\/strong>, the <strong>Daily Fair Value Gap<\/strong>, and the <strong>RSI for a potential bearish divergence<\/strong> on the 4H time frame.<\/p>\n\n\n\n<p>On the flip side, we can trail lower from here as the price is currently testing the Point of Control as resistance. In which case, I would watch the <strong>Value Area Low<\/strong> at approximately $2,300 as a support zone. If that manages to break, Gold could tumble down to the next major support level at $2,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Volatility ahead as the Core PCE data is scheduled for release on 12:30 UTC. This could catalyse Gold to get rejected at multiple points in the chart, potentially dropping to $2,300 or lower.<\/p>\n","protected":false},"author":159,"featured_media":3042,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[17],"class_list":["post-3039","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-opening-bell"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>All Eyes on U.S Core PCE Today, Gold Could Drop to $2,300 - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"Volatility ahead as the Core PCE data is scheduled for release on 12:30 UTC. 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This could catalyse Gold to get rejected at multiple points in the chart, potentially dropping to $2,300 or lower.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/alchemymarkets.com\/de\/education\/market-insights\/opening-bell\/pce-gold-may-2024\/","og_locale":"de_DE","og_type":"article","og_title":"All Eyes on U.S Core PCE Today, Gold Could Drop to $2,300 - Alchemy Markets","og_description":"Volatility ahead as the Core PCE data is scheduled for release on 12:30 UTC. 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