Analyst: Next week's gold trend heavily depends on data; beware of downside risk.

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Deep Tide TechFlow News, June 20 — Market analysts said that gold is expected to stay in a choppy range next week, as investors wait for the release of the U.S. Core Personal Consumption Expenditures (Core PCE) Price Index to look for clues about the Federal Reserve’s rate path.

Stephen Innes, Managing Partner at SPI Asset Management, said: “With the Federal Reserve currently appearing to be more adaptable to changing circumstances and increasingly sensitive to upcoming inflation data, the release of every major economic report will have an impact. However, Core PCE will be the key event for the gold and interest-rate markets, and next week will heavily depend on the data.”

Innes also said that if inflation readings come in stronger than expected, it could strengthen the U.S. dollar, push yields higher, and increase the risk of gold testing the $4,000 per ounce level. Gold investors should prepare for increased volatility and watch out for the possibility of further sell-offs. (Jin10)

XAUUSD-1.26%
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