Gold Price Forecast: XAU/USD sees upside above $1830 ahead of downbeat US Durable Goods Orders

  • Gold price is expected to display an upside movement above $1,830.00.
  • A downbeat performance looks likely from the US Durable Goods Orders.
  • The gold prices are expected to display a lackluster performance on symmetrical triangle formation.

Gold price (XAU/USD) has displayed topsy-turvy moves in a range of $1,821.88-1,831.87 on Friday. The precious metal is expected to witness a decisive move as investors await US Durable Goods Orders data. As per the market consensus, the data is expected to slip to 0.1% from the prior print of 0.5%.

A decent slippage in the economic data is expected to underpin the gold prices going forward. The economic data carries a proper relation with the aggregate demand in the US economy. A higher Durable Goods Orders dictate that the household's demand is resilient. The lower estimates for the economic data could be the outcome of soaring inflation, which is hurting the paychecks of the households and henceforth the demand for the Durable Goods.

It is worth noting that the US economy reported the downbeat Purchase Managers Index (PMI) data. The Manufacturing and Services PMI, both aspects displayed a vulnerable performance. So, the downbeat estimates for the Durable Goods Orders after a vulnerable PMI may hurt the US dollar index (DXY) significantly. The DXY remained lackluster last week and is expected to perform weak on the continuous downbeat performance from the economic data.

Gold technical analysis

On an hourly scale, the gold prices are trading in a symmetrical triangle that signals a slippage in the volatility. The upward sloping trendline is placed from June 14 low at $1,805.11 while the downward sloping trendline is plotted from June 16 high at $1,857.88. The greenback bulls are defending the 50-period Exponential Moving Average (EMA) at $1,828.75. Meanwhile, the Relative Strength Index (RSI) (14) has shifted into a 40.00-60.00, which bolsters a rangebound move ahead.

Gold hourly chart


Today last price 1826.61
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1826.61
Daily SMA20 1842
Daily SMA50 1861.3
Daily SMA100 1891.94
Daily SMA200 1844.09
Previous Daily High 1831.86
Previous Daily Low 1816.99
Previous Weekly High 1847.95
Previous Weekly Low 1816.99
Previous Monthly High 1909.83
Previous Monthly Low 1786.94
Daily Fibonacci 38.2% 1826.18
Daily Fibonacci 61.8% 1822.67
Daily Pivot Point S1 1818.45
Daily Pivot Point S2 1810.28
Daily Pivot Point S3 1803.58
Daily Pivot Point R1 1833.32
Daily Pivot Point R2 1840.02
Daily Pivot Point R3 1848.19



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD edges lower toward 1.0100 after dismal EU sentiment data

EUR/USD edges lower toward 1.0100 after dismal EU sentiment data

EUR/USD has extended its daily slide below 1.0150 after the data from Germany and the EU showed that the Economic Sentiment Index component of the ZEW Survey continued to decline in August. Investors await July housing data from the US.


GBP/USD extends slide toward 1.2000 after UK data

GBP/USD extends slide toward 1.2000 after UK data

GBP/USD came under renewed bearish pressure in the early European session amid risk aversion on Tuesday and declined toward 1.2000 before staging a modest rebound. The data from the UK showed that the ILO Unemployment Rate remained unchanged at 3.8% in June.


Gold struggles to recover above $1,780

Gold struggles to recover above $1,780

Following a consolidation phase above $1,780 in the Asian session, gold lost its traction and declined toward $1,775. The benchmark 10-year US Treasury bond yield holds in positive territory near 2.8%, making it difficult for XAU/USD to gather recovery momentum.

Gold News

Bitcoin price all but confirms a bearish breakout amid opposing on-chain metrics

Bitcoin price all but confirms a bearish breakout amid opposing on-chain metrics

Bitcoin price shows a confluence of bearish developments that suggests an incoming downtrend. This development could halt the bullish outlook seen in Ethereum and other related altcoins. Bitcoin price is in a classic Wyckoff Distribution Phase.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!