Gold Price Forecast: XAU/USD dips back into $1,920 after early Tuesday lift

Spot Gold prices are slipping back into the middle after Tuesday saw a push above $1,930.
XAU/USD remains well-bid, sticking to the high end of last week's rally.
Inflation fears remain a key factor in Gold prices as investors keep one foot in safety.

Joshua Gibson FXStreet

XAU/USD kicked off Tuesday trading near $1,919 before seeing a steady rise into an intraday high of $1,931.65, but the day's momentum is proving short-lived as Gold bids settle back into near-term consolidation $1,920.

US Retail Sales broadly beat market estimates, with the headline figure for September printing at 0.7% versus the forecast 0.3%, with the previous period also seeing an upwards revision from 0.6% to 0.8%.

US Retail Sales rose 0.7% in September vs. 0.3% anticipated

The Retail Sales beat sent the US Dollar (USD) broadly lower against the market, giving risk assets a solid push up the charts, and while spot Gold prices saw some bullish play as investors remain concerned about a bumper US economy threatening to push the Federal Reserve (Fed) further away from anticipated rate cuts in 2024, the US Retail Sales figure isn't a solid indicator of possible inflation.

XAU/USD Technical Outlook

Near-term action sees spot Gold prices bidding into the 50-hour Simple Moving Average (SMA), with action hobbled near $1,920 and bidders struggling to take XAU/USD higher, while short-sellers are seeing significant headwinds with Gold prices firmly bullish and trading well above the 200-hour SMA.

Daily candlesticks see XAU/USD facing a technical rejection from the 200-hour SMA near $1,930 after a 6.8% climb from the last swing low into $1,810, and near-term technical indicators are warning of possible consolidation on the charts with a flat 50-day SMA trapping prices in the middle.

XAU/USD Daily Chart

XAU/USD Technical Levels

XAU/USD

Overview
Today last price	1919.91
Today Daily Change	0.12
Today Daily Change %	0.01
Today daily open	1919.79

Trends
Daily SMA20	1877.74
Daily SMA50	1901.06
Daily SMA100	1923.04
Daily SMA200	1929.45

Levels
Previous Daily High	1933.24
Previous Daily Low	1908.23
Previous Weekly High	1933.34
Previous Weekly Low	1832.62
Previous Monthly High	1953.01
Previous Monthly Low	1846.37
Daily Fibonacci 38.2%	1917.78
Daily Fibonacci 61.8%	1923.69
Daily Pivot Point S1	1907.6
Daily Pivot Point S2	1895.41
Daily Pivot Point S3	1882.59
Daily Pivot Point R1	1932.61
Daily Pivot Point R2	1945.43
Daily Pivot Point R3	1957.62

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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