Ella 
Gold prices (GOLD/USD) attracted some bargain hunting during the Asian session on Tuesday and recouped most of the slight losses seen overnight. Geopolitical tensions in the Middle East and concerns about China’s sluggish economic recovery provided some support for the safe-haven precious metal. However, gold’s upside remains limited as investors continue to lower expectations for more aggressive policy easing from the Federal Reserve, which could weaken the non-yielding precious metal. Beyond this, the risk environment could further dampen any meaningful appreciation for gold and silver ahead of the week’s major central bank activity risks, particularly Thursday’s European Central Bank (ECB) monetary policy meeting.
This week, traders will also see preliminary global Purchasing Managers Index (PMI) data released on Wednesday, followed by preliminary U.S. fourth-quarter gross domestic product (GDP) and U.S. core PCE on Thursday and Friday respectively. Price Index. This in turn will provide new directional impetus for gold prices. Meanwhile, a shift in market expectations following recent hawkish comments from several Fed officials that it was too early to consider rate cuts suggests gold/USD has the least downside resistance. Therefore, any subsequent rise may still be viewed as a selling opportunity and may disappear quickly.
