Gold Analysis==>>Falling(Signs)

Today's data release included the Core PCE Price Index, Employment Cost Index (ECI), and Unemployment Claims. Core PCE, the Fed's key measure of inflation, saw slower-than-expected growth, suggesting some cooling in consumer prices. This could lead to a potential moderation in the Fed's rate policy if inflationary pressures continue to ease.
The ECI also grew slower than forecasts, indicating wage growth remains somewhat controlled, which also alleviates inflationary concerns. Meanwhile, the higher-than-expected unemployment claims hint at challenges in the labor market.
According to the recent economic data and the possible reduction of inflationary pressures, the desire to reduce the interest rate has increased, and this has caused the price of gold to decrease. Gold ( XAUUSD )is attractive as a safe-haven asset in times of high inflation, and deflation has reduced its demand.
Regarding Technical Analysis, Gold started to fall, as I expected in the previous post.
According to the Elliott wave theory, Gold has completed main wave 5, and we should wait for Corrective Waves.
One sign of a further decrease in Gold can be the formation of a Bump and Run Reversal Top Pattern, which is currently in the Run phase.
I expect Gold to continue its downward trend due to the high momentum of the decline experienced in the previous hours. Drop targets can be the Support zone($2,720-$2,708) in the first step and then the Lower line of the Ascending Channel.
🔔Be sure to follow the updated ideas.🔔
（Source from: TV-By pejman_zwin）