Gold Price Forecast: XAU/USD remains range-bound below $2,030, US housing data eyed

Gold price remains clings to the range-bound theme around $2,025 on the softer USD.
The Federal Reserve (Fed) indicated that it will begin monetary policy easing after data showed declining inflation.
Gold traders will focus on the US housing data on Tuesday.

Lallalit Srijandorn FXStreet

Gold price (XAU/USD) sticks to the range-bound theme near $2,025 during the early Asian trading hours on Tuesday. The positive momentum in yellow metal remains intact, supported by a modest pullback in the US Dollar (USD) and lower US Treasury bond yields.

Meanwhile, the US Dollar Index (DXY), a measure of the value of the USD against a weighted basket of currencies used by US trade partners, trades flat near 102.50. The Treasury yields rose modestly, with the 10-year yield standing at 3.93%.

The Federal Reserve (Fed) indicated that it will begin monetary policy easing after data showed declining inflation and an economy prepared for a soft landing. New York Fed President John Williams stated that it’s premature to talk about rate cuts while Fed President Mary Daly said that interest rate cuts may be needed in 2024 to avert an overtightening. Daly further stated that more rate cuts could be appropriate if inflation drops faster and that fewer cuts would be warranted if progress in inflation stalls.

Gold traders will keep an eye on the US housing data on Tuesday, including Building Permits and Housing Starts. The US Gross Domestic Product Annualized (Q3) will be released on Thursday, which is expected to remain steady at 5.2%. The key event to watch this week will be the Fed's preferred gauge of inflation, the Core Personal Consumption Expenditures Price Index (PCE). Traders will take cues from these figures and find a trading opportunity around the gold price.

XAU/USD

Overview
Today last price	2026.34
Today Daily Change	8.23
Today Daily Change %	0.41
Today daily open	2018.11

Trends
Daily SMA20	2015.63
Daily SMA50	1978.66
Daily SMA100	1943.25
Daily SMA200	1955.2

Levels
Previous Daily High	2044.98
Previous Daily Low	2015.67
Previous Weekly High	2047.93
Previous Weekly Low	1973.13
Previous Monthly High	2052.03
Previous Monthly Low	1931.67
Daily Fibonacci 38.2%	2026.87
Daily Fibonacci 61.8%	2033.78
Daily Pivot Point S1	2007.53
Daily Pivot Point S2	1996.94
Daily Pivot Point S3	1978.22
Daily Pivot Point R1	2036.84
Daily Pivot Point R2	2055.56
Daily Pivot Point R3	2066.15

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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