Technical analysis by ScopeMarkets about Symbol PAXG on 1/10/2024

GOLD investors are currently facing a challenge as the commodity's price has hit a descending trendline that has been keeping the bears in control since December 28th, 2023. Meanwhile, the US dollar is performing well, recovering some of its losses from the end of 2023. Investors are now waiting for the US inflation report, which could potentially boost the price of gold if inflation figures drop and revive rate-cut sentiments. However, if the report shows a surprise reading, we could see GOLD prices continue their decline from the descending trendline as the report will dampen expectations of early rate cuts by the Fed