📆 Gold trades flat ahead of US PCE data

Release of US data pack for December at 1:30 pm GMT is a key macro event of the day. Attention will be paid mostly to core PCE data but data on personal spending and income is also noteworthy. Note that today's PCE reading will be the final piece of top-tier US data ahead of the FOMC rate decision on Wednesday, 7:00 pm GMT, which further boosts its importance.

1:30 pm GMT - US, data pack for December.

• Core PCE inflation. Expected: 4.4% YoY. Previous: 4.7% YoY

• Personal income. Expected: 0.2% MoM. Previous: 0.4% MoM

• Personal spending. Expected: -0.1% MoM. Previous: 0.1% MoM

A higher-than-expected PCE reading may provide a boost for the US dollar. While USD has been a G10 outperformer during the Asian session today, US currency trimmed gains during the European morning trade. As a result, EURUSD is now trading flat on the day. Weakening of the USD also allowed precious metals to recover from early losses with gold now trading flat on the day as well.

GOLD bounced off the 200-hour moving average and recovered from early losses. Precious is now trading more or less flat on the day in the $1,930 area as traders await release of US PCE data. Limits of the ongoing short-term trading range $1,920-1,935 are key near-term levels to watch . Source: xStation5