Gold sees selling pressure build towards the US trading session with weekly gains at risk
Gold’s price (XAU/USD) sees selling pressure pick up with the $2,700 level nearing on Friday, with profit-taking occurring after its three-day rally this week. Federal Reserve (Fed) governor Christopher Waller spooked traders by commenting on Thursday that a March interest rate cut should not be ruled out. That triggered uncertainty among traders because markets were not pricing in a March rate cut at all.
Concerns are now swelling, with traders questioning whether they might have missed an important element or whether a knee-jerk reaction could occur once President-elect Donald Trump takes office on Monday. A large number of executive orders are set to be released by Trump’s administration, including quite a few that guarantee a surge in inflation.
Source: FXstreet