Not surprisingly, the markets expected to be impacted by today's critical US inflation reading (PCE) and they have forged tight trading ranges again overnight as many traders avoid implementing fresh positions in front of what could be a critical trend-deciding report in the form of US PCE later today.
Fortunately for the bull camp, open interest in gold has come down significantly since the middle of last month, potentially suggesting the market found solid value earlier this month around $2,000.
Unfortunately for the bull camp, a US PCE reading above +0.3% will likely relaunch the dollar sharply higher and set the stage for a return to $2,000 in April gold in the coming sessions...[MORE]
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