Gold Price Forecast: XAU/USD Hovers Above $2,010 On Weaker US Dollar
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- Gold price extends gains as investors take caution ahead of the skew of US data.
- China's industrial profits declined by 7.8% could dampen the positive sentiment arising from the PBoC stimulus measures.
- Fed officials mentioned closely monitoring incoming data before making policy decisions.
Gold price maintains its position above $2,010 per troy ounce during the European session on Monday. The US Dollar's (USD) weakness, fueled by increasing speculation that the Federal Reserve (Fed) has concluded its interest rate hikes, has proven advantageous for the yellow metal. Gold price has benefited from this trend, alongside indications of a global economic slowdown.
The price of Gold might experience additional strength, driven by positive sentiment stemming from the news that the People's Bank of China (PBoC) has issued a notice to boost financial support for private firms.
However, the Year-to-Date (YTD) data on China's industrial profits, showing a decline of 7.8% compared to the previous drop of 9.0%, may have a dampening effect on the initially positive sentiment arising from the People's Bank of China's (PBoC) additional stimulus measures.
US Dollar Index (DXY) extends losses despite improved US Treasury yields. Even though there's speculation about the possibility of easing, Federal Reserve (Fed) officials emphasized the need for further tightening. Their stance indicated a commitment to closely monitoring incoming data before making decisions.
Market participants seem adopting caution before a string of key economic readings from the United States (US), including the Gross Domestic Product (GDP) Annualized for the third quarter, and the Core Personal Consumption Expenditures (PCE) Price Index, a key inflation indicator. These data may offer a comprehensive view of the country's economic performance and price trends excluding volatile food and energy components.
XAU/USD: Additional Levels To Watch
| OVERVIEW | |
|---|---|
| Today last price | 2012.37 |
| Today Daily Change | 10.02 |
| Today Daily Change % | 0.50 |
| Today daily open | 2002.35 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1976.13 |
| Daily SMA50 | 1935.04 |
| Daily SMA100 | 1933.44 |
| Daily SMA200 | 1940.71 |
| LEVELS | |
|---|---|
| Previous Daily High | 2003.64 |
| Previous Daily Low | 1991.53 |
| Previous Weekly High | 2007.63 |
| Previous Weekly Low | 1965.51 |
| Previous Monthly High | 2009.49 |
| Previous Monthly Low | 1810.51 |
| Daily Fibonacci 38.2% | 1999.01 |
| Daily Fibonacci 61.8% | 1996.16 |
| Daily Pivot Point S1 | 1994.71 |
| Daily Pivot Point S2 | 1987.06 |
| Daily Pivot Point S3 | 1982.6 |
| Daily Pivot Point R1 | 2006.82 |
| Daily Pivot Point R2 | 2011.28 |
| Daily Pivot Point R3 | 2018.93 |
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