Gold News Analysis:

On Friday (June 28th), during the early Asian trading session, spot gold prices fluctuated narrowly, trading around $2327.31 per ounce. On Thursday, gold prices rose by over 1%, influenced by a weakening dollar and soft economic data. Wholesale inventories and GDP figures fell short of expectations, boosting gold prices. The decline in the dollar and 10-year Treasury yields further increased gold's appeal. The upcoming release of the US Personal Consumption Expenditures (PCE) price index is now the focus of the market, with investors hoping to find clues about the Fed's policy path from it.

The latest data released by the US Department of Commerce shows that the final annualized growth rate of US GDP in the first quarter was 1.4%, in line with market expectations. The number of Americans filing for initial jobless claims last week fell from 238,000 to 233,000, a decline that may indicate a gradual improvement in the job market. However, the rise in continuing jobless claims to the highest level since the end of 2021 serves as a warning signal.

Gold Technical Analysis:

As we enter the last trading day of the week, the focus of the market fundamentals is undoubtedly on the economic data to be released during the US session tonight. This includes the highly anticipated PCE price index, along with personal spending and consumer confidence figures, which are all crucial. Additionally, statements from Fed officials will also be taken into consideration.

From the daily chart of spot gold, the recent fluctuation range has narrowed significantly, and it has now entered the tail end of a triangle consolidation pattern. A breakout is likely to occur after tonight's PCE price index release, so until then, a slow pace is expected. Moreover, the moving averages and MACD indicator have mostly returned to a horizontal movement state, indicating that the current direction of the market remains unclear.

From the 4-hour chart of spot gold, after a significant pullback mid-week, the price managed to hold above the $2300 mark. Although the rebound strength is not very strong, it suggests that the underlying support protection is still effective. The price has now returned above the short-term moving averages, and the key point today is whether it can hold above the MA20. Additionally, we can observe the potential for a golden cross formation in the MACD indicator. For trading strategies, it is currently recommended to maintain a high-selling and low-buying approach.

Gold Resistance Levels: 2330, 2335, 2342, 2350

Gold Support Levels: 2320, 2310, 2300, 2290

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