Gold Price Forecast: XAU/USD hovers around $2,030, US Services PMI eyed

Gold price posts modest gains around $2,030 in early Monday.
The futures market is pricing the possibility that the Fed won't raise rates further in its next meetings.
The Chinese Caixin Manufacturing PMI, US Services PMI will be due on Tuesday.

Lallalit Srijandorn FXStreet

Gold price (XAU/USD) edges lower to $2,030 during the early Asian session on Tuesday. Meanwhile, the US Dollar Index (DXY) rose to 103.60 and the Treasury yields edge higher, with the 10-year yield recovering from 4.24% to 4.32%. At press time, gold price is trading at $2,030, up 0.12% on the day.

Federal Reserve (Fed) Chair Powell emphasized the Fed's willingness to tighten policy further if necessary and the markets were confident the rate-hike cycle was done. Powell stated that it was clear that US monetary policy was slowing the economy as expected, with the benchmark overnight interest rate well into restrictive territory. The anticipation of the tightening cycle ending might benefit the yellow metal. That being said, gold tends to rise with lower interest rates, whereas higher interest rates put pressure on the yellow metal.

About the data, the US Census Bureau revealed on Monday that the US factory orders fell 3.6% MoM in October from a 2.3% rise in the previous reading. Elsewhere, an attack on an American warship and commercial vessels in the Red Sea on Sunday fueled the fear of escalating conflicts between Israel and Hamas. This, in turn, might boost the safe-haven flow and benefit the yellow metal.

Looking ahead, the Chinese Caixin Manufacturing PMI for November will be released and it is expected to improve from 49.5 to 49.8. The downbeat Chinese data could exert some pressure on the gold price as China is the world's largest gold producer and consumer. In addition, the November US ISM Manufacturing PMI and Fed Chair Jerome Powell's speech will be widely monitored.

XAU/USD

Overview
Today last price	2029.7
Today Daily Change	-41.19
Today Daily Change %	-1.99
Today daily open	2070.89

Trends
Daily SMA20	1989.54
Daily SMA50	1946.37
Daily SMA100	1938.2
Daily SMA200	1945.92

Levels
Previous Daily High	2075.43
Previous Daily Low	2033.95
Previous Weekly High	2075.43
Previous Weekly Low	2000.65
Previous Monthly High	2052.03
Previous Monthly Low	1931.67
Daily Fibonacci 38.2%	2059.58
Daily Fibonacci 61.8%	2049.8
Daily Pivot Point S1	2044.75
Daily Pivot Point S2	2018.61
Daily Pivot Point S3	2003.27
Daily Pivot Point R1	2086.23
Daily Pivot Point R2	2101.57
Daily Pivot Point R3	2127.71

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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