Gold Price Forecast: XAU/USD loses traction below $1,950 ahead of the US CPI data

Gold price loses ground around $1,945 ahead of the US CPI data.
The geopolitical conflicts in the Middle East could boost safe-haven assets like gold.
The immediate resistance level is seen at $1,953; the initial support level will emerge at $1,934.

Lallalit Srijandorn FXStreet

Gold price loses momentum during the early European session on Tuesday. Market players will closely monitor the highly-anticipated US Consumer Price Index (CPI) due later on Tuesday. The headline inflation measure is estimated to grow by 0.1% MoM and 3.3% YoY. The core inflation figures are forecasted to rise by 0.3% MoM and 4.1% YoY. At the press time, gold price is trading around $1,945, losing 0.10% on the day.

On Monday, the White House said US President Joe Biden and Chinese President Xi Jinping are set to meet this week on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit. However, the renewed tension between the US and China might exert pressure on the US Dollar (USD) and benefit the gold price.

Furthermore, the geopolitical conflicts in the Middle East remain in traders’ focus. The rising tension could boost the safe-haven flow demand and lift the yellow metal.

Gold Price (XAU/USD) Technical Outlook

According to the daily chart, gold price will meet the immediate resistance level near a high of September 1 at $1,953. Further north, the next barrier is seen at the middle line of the Bollinger Band at $1,970, followed by a psychological mark at $2,000. On the flip side, the initial support level will emerge near the lower limit of the Bollinger Band at $1,934, en route to the round figure at $1,900 and finally at $1,885 (low of August 17).

XAU/USD

Overview
Today last price	1944.68
Today Daily Change	-2.04
Today Daily Change %	-0.10
Today daily open	1946.72

Trends
Daily SMA20	1970.84
Daily SMA50	1923.32
Daily SMA100	1927.44
Daily SMA200	1935.1

Levels
Previous Daily High	1949.27
Previous Daily Low	1931.67
Previous Weekly High	1993.18
Previous Weekly Low	1933.04
Previous Monthly High	2009.49
Previous Monthly Low	1810.51
Daily Fibonacci 38.2%	1942.55
Daily Fibonacci 61.8%	1938.39
Daily Pivot Point S1	1935.84
Daily Pivot Point S2	1924.95
Daily Pivot Point S3	1918.24
Daily Pivot Point R1	1953.44
Daily Pivot Point R2	1960.15
Daily Pivot Point R3	1971.04

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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