Gold Forecast Today: Gold price (Yellow Metal) has given an upside break of the minor consolidation, in early Asia, formed in a $1,665. The precious metal is marching towards the critical hurdle of $1,680.00 as the market participants are expecting a decline in the US ISM Manufacturing PMI data, which will release on Monday.
As per the preliminary estimates, the US ISM Manufacturing data will release at 52.3 vs. the former release of 52.8. Accelerating interest rates by the Federal Reserve (Fed) to bring price stability to the economy has forced the corporate to withdraw their expansion and investment plans. This is resulting in a decline in manufacturing activities in the US economy.
What is more haunting for the US dollar index (DXY) is a significant decline in the consensus for ISM Manufacturing New Orders Index data. The economic data is seen at 49.6 vs. the prior release of 51.3. The economic indicator determines future demand by firms to cater to retail demand. A decline in New Orders Index data indicates sluggish demand ahead, which could be the result of a vigorous decline in the purchasing power of households due to mounting price pressures.
- Gold price is advancing towards $1,680.00 as US ISM Manufacturing data carries subdued expectations.
- A decline in US ISM New Orders Index data indicates sluggish demand ahead.
- Subdued forward demand could be the outcome of lower households’ purchasing power.
Gold Price Technical Analysis
Gold prices have entered the prior balanced area, which is placed in a range of $1,653.30-1,688.43 on an hourly scale. The balanced area indicates the highest auction region where most of the trading activity took place.
A bull cross, represented by the 20-and 50-period Exponential Moving Averages (EMAs) at $1,635.03 adds to the upside filters.
While the Relative Strength Index (RSI) (14) will display a bullish momentum if it will overstep 60.00 decisively.
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