Gold Price Forecast: XAU/USD climbs to a six-month highs near $2,015 on the USD weakness, eyes on the US data

Gold price surges to a six-month high around $2,015 in the early Tuesday trading session.
The October New Home Sales fell by 5.6% MoM to 679k, below the market expectation.
The expectation of lower inflation weighs on the USD and increases investors' appetite for commodities.
US Housing Price Index, the S&P/Case-Shiller Home Price Indices, and CB Consumer Confidence will be due on Tuesday.

Lallalit Srijandorn FXStreet

Gold price (XAU/USD) extends the rally above the $2,000 key level during the early Asian trading hours on Tuesday. The yellow metal climbs to a six-month high amid the softer US Dollar (USD) and the lower US Treasury bond yields. Gold price currently trades near $2,015, losing 0.01% on the day.

Meanwhile, the US Dollar Index (DXY) declined to the lowest level since late August around 103.20, which lifts the USD-denominated gold. The Treasury yields edge lower, the 10-year dropping from 4.51% to 4.39%.

That being said, the softer US data dragged the Greenback lower. The US Census Bureau revealed on Monday that the October New Home Sales fell by 5.6% m/m to 679k, below the market consensus of 725K. Additionally, the Dallas Fed Manufacturing Index for November arrived at -19.9 from the previous reading of -19.2.

Furthermore, the expectation of lower inflation weighs on the USD and increases investors' appetite for commodities. Last week, the US PMI data suggested that the private sector in the US continued to grow at a slower pace in early November. The markets place a bet that the Federal Reserve (Fed) will cut interest rates in the middle of next year.

China will release the NBS Purchasing Managers Index (PMI) data on Thursday. The Manufacturing and Services PMI figures are expected to improve to 49.6 and 51.1, respectively. If the report shows the weaker-than-expected result, this could exert some selling pressure on the precious metal as China is the world's largest gold producer and consumer

Moving on, gold traders will focus on the US Housing Price Index, the S&P/Case-Shiller Home Price Indices, CB Consumer Confidence, and the Richmond Fed Manufacturing Index on Tuesday. Later this week, the attention will shift to the US Gross Domestic Product (GDP) on Wednesday and the Personal Consumption Expenditure (PCE) inflation figures on Thursday.

XAU/USD

Overview
Today last price	2014.3
Today Daily Change	11.95
Today Daily Change %	0.60
Today daily open	2002.35

Trends
Daily SMA20	1976.13
Daily SMA50	1935.04
Daily SMA100	1933.44
Daily SMA200	1940.71

Levels
Previous Daily High	2003.64
Previous Daily Low	1991.53
Previous Weekly High	2007.63
Previous Weekly Low	1965.51
Previous Monthly High	2009.49
Previous Monthly Low	1810.51
Daily Fibonacci 38.2%	1999.01
Daily Fibonacci 61.8%	1996.16
Daily Pivot Point S1	1994.71
Daily Pivot Point S2	1987.06
Daily Pivot Point S3	1982.6
Daily Pivot Point R1	2006.82
Daily Pivot Point R2	2011.28
Daily Pivot Point R3	2018.93

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.

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