- Gold price is marching towards $1,750.00 as DXY is performing subdued after a bumper rally.
- An expected decline in the US ISM PMI has limited DXY’s gains.
- The odds of a bullish reversal have strengthened as the gold prices have formed a balanced profile on a higher side.
Gold price (XAU/USD) has picked bids below $1,735.00 and is expected to advance firmly. The precious metal is oscillating in a tad wider range of $1,734.00-1,741.00 after a firmer rebound from Monday’s low at $1,720.40. Investors are underpinning the yellow metal against the greenback as the US Institute of Supply Management (ISM) is expected to display a subdued performance, which is due on Thursday.
As per the consensus, the US ISM Manufacturing PMI is expected to land at 52, lower than the prior release of 52.8. There is no denying the fact that the street is worried over shrinking economic activities led by the unavailability of cheap money for disposal. Therefore, a decline in manufacturing PMI forecasts is impacting investors’ sentiment.
Apart from that, investors will also focus on New Orders Index data, which is expected to improve to 48.5 vs. 48 reported earlier. The New Orders Index data indicates forward demand for goods and an improvement in economic data may support the DXY. While, the show-stopper event for his week will be US Nonfarm Payrolls (NFP), which will release on Friday.
Gold technical analysis
On an intraday timeframe, the gold price is auctioning in a balanced profile in a narrow range of $1,734.00-1,741.25. Investors should be aware of the fact that the formation of a balanced profile above the prior one bolsters the odds of a bullish reversal.
The 50-period Exponential Moving Average (EMA) (50) at $1,735.83 is overlapping with the gold prices, which indicates a consolidation ahead. Also, the relative Strength Index (RSI) (14) is oscillating in 40.00-60.00, which signals that the market participants are awaiting a potential trigger.
Gold intraday chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD remains depressed near 1.1350
The US Dollar now grabs momentum and motivates EUR/USD to return to the 1.1350 zone on Thursday, as investors continue to digest the ECB’s decision to lower its policy rates by 25 basis points, as widely estimated. It is worth noting that most markets will be closed on April 18, Good Friday.
GBP/USD maintains the consolidation around 1.3260
The upside momentum in the British pound remains well and sound on Thursday, underpinning the eighth consecutive daily advance in GBP/USD, which now trades in a consolidative fashion near 1.326. Cable’s strong performance comes despite the marked rebound in the US Dollar.
Gold breaks below $3,300, daily troughs
Further improvement in the sentiment surrounding the risk-associated universe put Gold prices to the test on Thursday. Indeed, the troy ounce of the precious metal faces increasing downside pressure and breaches the key $3,300 mark to hit new daily lows.
Crypto market cap fell more than 18% in Q1, wiping out $633.5 billion after Trump’s inauguration top
CoinGecko’s Q1 Crypto Industry Report highlights that the total crypto market capitalization fell by 18.6% in the first quarter, wiping out $633.5 billion after topping on January 18, just a couple of days ahead of US President Donald Trump’s inauguration.
Future-proofing portfolios: A playbook for tariff and recession risks
It does seem like we will be talking tariffs for a while. And if tariffs stay — in some shape or form — even after negotiations, we’ll likely be talking about recession too. Higher input costs, persistent inflation, and tighter monetary policy are already weighing on global growth.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.