Gold Price Forecast: XAU/USD jumps to $1868 after US data.

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  • The dollar hits lows against several rivals after US data.
  • Lower-than-expected data triggers drop in Treasury bond yields.
  • XAU/USD is favored, picture improves.

The Prayed is rising on Tuesday and climbed to $1868 after the US S&P Global PMI report came in below expectations and triggered a drop in the dollar.

The S&P Global PMI activity report showed weaker-than-expected data in May, according to preliminary figures. The integrated index fell to a four-month low from 56 to 53.8, below the 55.5 market consensus. The data weakened the dollar and raised the demand for Treasury bonds.

The 10-year rate on the US bond fell to 2.73%, while the 30-year rate fell to 2.96%, both at daily lows. This gave gold an extra boost. For its part, the DXY is at new lows since late April below 101.80.

The XAU/USD now faces the next resistance at the $1872 zone and then 1892$. The bullish tone remains intact and it would be expected that it can mark new highs if it continues above $1848.

In the $1850 area, the 20 and 100 moving averages are seen on the 4-hour chart. A sustained drop below would change the very short-term outlook from bullish to neutral or bearish. Before this level there is an intermediate support at $1857. Below $1,848, XAU/USD could extend the pullback to $1,830.

Technical levels

XAU/USD

Overview
Today last price 1862.45
Today Daily Change 8.91
Today Daily Change % 0.48
Today daily open 1853.54
trends
Daily SMA20 1856.64
Daily SMA50 1906.99
Daily SMA100 1884.8
Daily SMA200 1838.47
levels
Previous Daily High 1865.47
Previous Daily Low 1843.78
Previous Weekly High 1849.45
Previous Weekly Low 1786.94
Previous Monthly High 1998.43
Previous Monthly Low 1872.24
Daily Fibonacci 38.2% 1857.18
Daily Fibonacci 61.8% 1852.07
Daily Pivot Point S1 1843.06
Daily Pivot Point S2 1832.57
Daily Pivot Point S3 1821.37
Daily Pivot Point R1 1864.75
Daily Pivot Point R2 1875.95
Daily Pivot Point R3 1886.44

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Source: Fx Street

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