Gold awaits new data as trading volume decreases
For the time being, gold appears to be able to ignore any negative influences, such as a little decrease in the likelihood of a recession and an uptick in stock market optimism and has amassed enough support to maintain its approach towards levels last seen in April.
The little increase in gold price from the day before continues Tuesday, picking up some momentum for the second straight day. Around the $1,925-$1,930 range, the momentum drives the XAU/USD to its strongest point since April.
Due to market vacations in numerous Asian nations, mainly China, celebrating the Lunar New Year, trading volumes in the commodity sectors were also significantly lower at the start of the week. The rest of this week will see Chinese markets closed. This week, attention is entirely on the Thursday expected US fourth-quarter GDP report. As the consequences of monetary tightening policy started to be seen by the economy, GDP is predicted to have weakened in the Q4 compared to the third.