Gold Price Forecast: XAU/USD marches towards $1,680 amid lower consensus for US ISM data

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.

Sagar Dua FXStreet

Gold price (XAU/USD) has given an upside break of the minor consolidation in early Asia, formed in a $1,660.20-1,663.32. The precious metal is marching towards the critical hurdle of $1,680.00 as the market participants expect a decline in the US ISM Manufacturing PMI data, which will be released 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 corporations 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 technical analysis

Gold prices have entered the prior balanced area, which ranges from $1,653.30-1,688.43 on an hourly scale. The balanced area indicates the highest auction region where most of the trading activity occurred.

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 oversteps 60.00 decisively.

Gold hourly chart

XAU/USD

Overview
Today last price	1663.74
Today Daily Change	3.22
Today Daily Change %	0.19
Today daily open	1660.52

Trends
Daily SMA20	1679.23
Daily SMA50	1724.96
Daily SMA100	1765.61
Daily SMA200	1824.61

Levels
Previous Daily High	1675.49
Previous Daily Low	1659.31
Previous Weekly High	1675.49
Previous Weekly Low	1614.85
Previous Monthly High	1735.17
Previous Monthly Low	1614.85
Daily Fibonacci 38.2%	1665.49
Daily Fibonacci 61.8%	1669.31
Daily Pivot Point S1	1654.72
Daily Pivot Point S2	1648.93
Daily Pivot Point S3	1638.54
Daily Pivot Point R1	1670.9
Daily Pivot Point R2	1681.29
Daily Pivot Point R3	1687.08

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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