Gold Price Forecast: XAU/USD attracts some buyers above $1,940, investors await the US CPI data

Share:
  • Gold price posts a modest recovery around $1,946 on the softer USD.
  • Gold traders will monitor the US inflation data on Tuesday.
  • The first resistance level is seen at $1,960; the initial support level will emerge at $1,930.

Gold price (XAU/USD) attracts some buyers and currently trades around $1,946 during the early Asian trading hours on Tuesday. The uptick of the precious metal is supported by the softer US Dollar (USD) and a decline in US Treasury bond yields. Investors await the US Consumer Price Index (CPI) data for October for fresh impetus, which is expected to rise 0.1% MoM and 3.3% YoY. The core CPI is estimated to grow 0.3% MoM and 4.1% YoY.

Meanwhile, the US dollar loses traction to 105.65 after retracing from the 106.00 mark. The US Treasury bond yields edge lower, with the 10-year yield standing at 4.63%.

The New York Fed’s survey of consumer expectations showed the 1-year and 5-year inflation outlook eased to 3.57% and 2.72% respectively. The US inflation on Tuesday might convince the Federal Reserve (Fed) for additional tightening as FOMC views are warranted by the data. Gold traders will take more cues from Federal Reserve (Fed) officials during the week, including Fed Vice-Chairman Philip Jefferson, New York Fed’s John Williams, and Lisa Cook.

XAU/USD Technical Outlook

According to the four-hour chart, the gold price will meet the first resistance level near the 100-hour EMA at $1,960. The additional upside filter is seen near a high of November 8 at $1,971, followed by a psychological figure at $2,000. On the downside, the initial support level is located at $1,930, en route to a low of October 16 at $1,908, and finally $1,900 (a round figure).

 

XAU/USD

Overview
Today last price 1946.8
Today Daily Change 0.08
Today Daily Change % 0.00
Today daily open 1946.72
 
Trends
Daily SMA20 1970.84
Daily SMA50 1923.32
Daily SMA100 1927.44
Daily SMA200 1935.1
 
Levels
Previous Daily High 1949.27
Previous Daily Low 1931.67
Previous Weekly High 1993.18
Previous Weekly Low 1933.04
Previous Monthly High 2009.49
Previous Monthly Low 1810.51
Daily Fibonacci 38.2% 1942.55
Daily Fibonacci 61.8% 1938.39
Daily Pivot Point S1 1935.84
Daily Pivot Point S2 1924.95
Daily Pivot Point S3 1918.24
Daily Pivot Point R1 1953.44
Daily Pivot Point R2 1960.15
Daily Pivot Point R3 1971.04

 

 

Share: Feed news