Gold Price Forecast: XAU/USD Rebounds Above $1,970
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XAU/USD bounced back to $1,970 after breaking free from the weekly low of $1,950 in the early Asian trading hours on Wednesday. The precious metal's slight recovery was bolstered by the strengthening of the US Dollar (USD).
Meanwhile, the US Dollar Index (DXY), measuring the USD's value against six major currencies, hovered around 106.25. However, further increases in US Treasury bond yields might limit gold's upward momentum as it fails to provide competitive returns.
On Tuesday, US Purchasing Managers' Index (PMI) data came in better than expected. The flash composite PMI for October jumped from 50.2 to 51.0. The services PMI rose to 50.9, while the manufacturing PMI increased to 50.0. Notably, this marked the first time in six months that the manufacturing sector didn't contract below 50. Additionally, the Richmond Manufacturing Index for October dropped from 5 to 3 in the previous figures, falling short of market expectations. Positive US economic data eased concerns that tighter monetary policies and higher borrowing rates might dampen investment and industrial activities.
Conversely, escalating geopolitical tensions in the Middle East could drive demand for safe-haven assets like gold. Gold traders will closely monitor the preliminary estimate of the US Gross Domestic Product (GDP) for Q3, which will be released on Thursday. On Friday, the US Core Personal Consumption Expenditure (PCE) Index will be published. Traders will interpret these data points to identify trading opportunities in the gold market (XAU/USD).
Feel free to let me know if you need further details or if there's anything specific you would like to include!
Meanwhile, the US Dollar Index (DXY), measuring the USD's value against six major currencies, hovered around 106.25. However, further increases in US Treasury bond yields might limit gold's upward momentum as it fails to provide competitive returns.
On Tuesday, US Purchasing Managers' Index (PMI) data came in better than expected. The flash composite PMI for October jumped from 50.2 to 51.0. The services PMI rose to 50.9, while the manufacturing PMI increased to 50.0. Notably, this marked the first time in six months that the manufacturing sector didn't contract below 50. Additionally, the Richmond Manufacturing Index for October dropped from 5 to 3 in the previous figures, falling short of market expectations. Positive US economic data eased concerns that tighter monetary policies and higher borrowing rates might dampen investment and industrial activities.
Conversely, escalating geopolitical tensions in the Middle East could drive demand for safe-haven assets like gold. Gold traders will closely monitor the preliminary estimate of the US Gross Domestic Product (GDP) for Q3, which will be released on Thursday. On Friday, the US Core Personal Consumption Expenditure (PCE) Index will be published. Traders will interpret these data points to identify trading opportunities in the gold market (XAU/USD).
Feel free to let me know if you need further details or if there's anything specific you would like to include!
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