TRENDING:

US NFP

GBP/USD

Gold Price Forecast: XAU/USD holds positive ground near $1,980, eyes on FOMC Meeting Minutes

Gold price gains ground around $1,980 on the weaker USD.
The US October leading indicator dropped 0.8% MoM vs. 0.7% MoM fall prior.
FOMC Meeting Minutes will be a closely watched event on Tuesday.

Lallalit Srijandorn FXStreet

Gold price (XAU/USD) snaps the two-day losing streak during the early Asian trading hours on Tuesday. The lower US Treasury yields weigh on the Greenback and lift the USD-denominated gold. On a quiet day in terms of US economic data, traders await the Federal Open Market Committee (FOMC) Meeting Minutes on Tuesday, which might offer hints regarding future policy rate direction and inflation improvement. Gold price currently trades around $1,980, gaining 0.11% on the day.

Meanwhile, the US dollar Index (DXY), an index of the value of the USD measured against a basket of six world currencies, declines to 103.44, the lowest level since late August. The US Treasury bond yields consolidate their losses, with the 10-year yields standing around 4.42%.

The US October leading indicator dropped 0.8% MoM from September’s reading of 0.7% MoM fall, the Conference Board revealed Monday. The attention will turn to the FOMC Meeting Minutes on Tuesday. Investors believe that the US Federal Reserve (Fed) is done with its cycle of interest rate hikes, and anticipate that the central bank may begin to cut the rates around the middle of 2024. This, in turn, drags the Greenback lower and boosts the USD-denominated gold. According to CME's FedWatch Tool, markets have priced in a 50% chance of a cut of at least 25 basis points by May 2024.

Gold traders will focus on the FOMC Meeting minutes on Tuesday for fresh impetus. Also, the US Existing Home Sales and the Chicago Fed National Activity Index will be due on Tuesday. These events could give a clear direction to the gold price.

XAU/USD

Overview
Today last price	1980.96
Today Daily Change	0.09
Today Daily Change %	0.00
Today daily open	1980.87

Trends
Daily SMA20	1973.8
Daily SMA50	1927.39
Daily SMA100	1929.8
Daily SMA200	1937.15

Levels
Previous Daily High	1993.47
Previous Daily Low	1978.65
Previous Weekly High	1993.47
Previous Weekly Low	1931.67
Previous Monthly High	2009.49
Previous Monthly Low	1810.51
Daily Fibonacci 38.2%	1984.31
Daily Fibonacci 61.8%	1987.81
Daily Pivot Point S1	1975.19
Daily Pivot Point S2	1969.51
Daily Pivot Point S3	1960.37
Daily Pivot Point R1	1990.01
Daily Pivot Point R2	1999.15
Daily Pivot Point R3	2004.83

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD holds around 1.1750 after weak German and EU PMI data

EUR/USD maintains its range trade at around 1.1750 in European trading on Tuesday. Weaker-than-expected December PMI data from Germany and the Eurozone make it difficult for the Euro to find demand, while investors refrain from taking large USD positions ahead of key employment data.

GBP/USD climbs above 1.3400 after upbeat UK PMI data

GBP/USD gains traction and trades in positive territory above 1.3400 on Tuesday as the British Pound benefits from upbeat PMI data. Later in the day, crucial data releases from the US, including Nonfarm Payrolls, Retail Sales and PMI, could trigger the next big action in the pair.

Gold retreats from seven week highs on profit-taking; all eyes on US NFP release

Gold price loses momentum below $4,300 during the early European trading hours on Tuesday, pressured by some profit-taking and weak long liquidation from the shorter-term futures traders. Furthermore, optimism around Ukraine peace talks could weigh on the safe-haven asset like Gold.

US Nonfarm Payrolls expected to point to cooling labor market in November

The United States Bureau of Labor Statistics will release the delayed Nonfarm Payrolls (NFP) data for October and November on Tuesday at 13:30 GMT. Economists expect Nonfarm Payrolls to rise by 40,000 in November. The Unemployment Rate is likely to remain unchanged at 4.4% during the same period.

NFP preview: Complex data release will determine if Fed was right to cut rates

The long wait is over, and the Bureau of Labor Statistics in the US will release nonfarm payrolls reports for both November and October at 1330 GMT on Tuesday. The overall NFP figure for October is expected to be -10k, however, it is expected to be influenced by a massive 130k drop in federal department workers.

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

XAU/USD

Legal Text

Markets move fast. We move first.

Editor's Picks

Best Brokers in 2025