Gold Price Rises as Dollar Weakens and Traders Monitor Economic Data

The technical outlook for gold is positive as the market awaits the release of the US Core PCE Price Index, which is expected to show a slight decrease in November. If the data aligns with market forecasts, the Federal Reserve will face challenges in justifying the need to maintain current interest rates. Gold is currently testing resistance levels and finding support at the 20-day simple moving average. A break above resistance could lead to further gains, while a break below support may leave the precious metal vulnerable. Retail trader data suggests a bearish sentiment, but the contrarian view takes into account the possibility of gold prices continuing to fall.