GOLD is waiting for salary data and hearings

World gold prices are waiting for salary data and the hearing of the Chairman of the US Federal Reserve (Fed) in early March.
At 8:40 a.m. this morning, February 22, Vietnam time, the world gold price stood at 2,027 USD/ounce, a slight increase of 2 USD/ounce compared to the same time last morning.

In the short term, world gold prices may move sideways. World gold prices are waiting for salary data and the hearing of the Chairman of the US Federal Reserve (Fed) in early March.

Fed officials noted that inflationary pressures eased and economic activity remained strong. According to the minutes, the committee wants more evidence to show that inflation continues to fall to the target level of 2% before making a decision to loosen monetary policy.

It is forecasted that gold will likely continue to move sideways in the short term and the information the market is waiting for will be the personal consumption expenditure (PCE) report published next week, followed by the payroll and regulatory session. Fed Chairman Jerome Powell's testimony in Congress in early March.

Tonight, the US continues to release the purchasing management index for the manufacturing, services, and mixed sectors and the first unemployment benefit applications of the week. This will be the data for the Fed to assess the health of the economy. These will be data that impact gold prices in the short term.

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➡️The Dow Jones Industrial Average gained 225 points, or nearly 1%. Those increases put the major averages on track to snap a three-day losing streak.

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Gold rose modestly on Thursday but faced resistance around $2,030, where a downtrend line meets the 50-day moving average. Bulls will need to defend this area to avoid a potential rally towards $2,065. Conversely, if sentiment shifts in favor of sellers, support can be found at $2,005 near the 100-day moving average, with further downside pressure potentially leading to $1,990 and $1,995.

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Markets will get important inflation data next week with the release of the Core Personal Consumption Expenditures Index (PCE), which is the US central bank's preferred inflation measure. The market will also have more data on home sales and important information related to activity in the manufacturing sector.