Ounce Gold Retraces Weekly Losses

We see that some of the losses at the beginning of the week are seen with the pullback in the US 10-year bond yields and the dollar institution falling to the level of 102. Although the bullish rally under ounce slows down on the last trading day of the week, it can be seen that market traders are balancing the rise in indices with precious metal purchases. With the persistence of the core invasion aside, even though the hawkish rhetoric of the FED officials surrounds it as a risk factor in terms of gold pricing, we continue to develop our thought thinking that possible pullbacks should be considered as buying possibilities. At the end of the last trading week, ounce of gold, which tested above the high of 1.980 USD with a premium of close to 15 USD yesterday, had difficulty in staying above these levels in the first hours. It tracks personal consumption expenditure (PCE) data, which is closely watched by the Fed today. PCE and extract PCE showed 0.6% sequence on a January basis. Headline and Screening The annual series in PCE was 5.4% and 4.7%. Expectations around Bloomberg Terminal, We see that the market expectation for February is 0.3% on a monthly basis and 5.1% on an annual basis. A higher-than-expected PCE data can be expected to cause selling pressure on gold prices as the dollar state as it strengthens. A PCE data, which is below expectations, can be expected to support gold prices. If we look at the technical description; USD 1.960 and 1.930 levels can be followed as short-term support levels, while USD 1.980 and 2.000 levels can be followed as short-term resistance levels.