Gold Attempts to Recover After Yesterday's Profit-Taking

Forex - Gold is attempting to recover today after mixed U.S. data prompted investors to take profit yesterday. Gold futures dropped by 1.4% yesterday after data showed that wholesale goods inflation unexpectedly accelerated in November and initial jobless claims reached a two-month high last week, testing levels below $2,680 this morning. After pulling back to $2,679.07, gold futures recovered to $2,686.75, reflecting a 0.26% increase compared to yesterday. Investors are focused on whether the Fed will indicate a pause in policy easing in early 2025 during its meeting next week. Today, the support level for gold futures is at $2,675. If this level is broken, a drop to $2,648 may be observed. Resistance levels above are at $2,696 and $2,718.