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2 Jan 2024

Gold Price Forecast: XAU/USD holds positive ground above $2,060, focus on US PMI data

  • Gold price gains ground near $2,065 during the early Asian session on Tuesday.
  • The US Chicago Purchasing Managers' Index (PMI) arrived at 46.9 in December vs. 55.8 prior, worse than expected.
  • The chairman of the Chinese Communist Party Xi Jinping made vague comments about supporting the economy.
  • The US S&P Global Manufacturing PMI is due on Tuesday.

Gold price (XAU/USD) begins the first trading day of 2024 on a positive note during the early Asian session on Tuesday. The uptick of yellow metal is supported by the softer US Dollar (USD) and the positive development surrounding China’s economic stimulus measure. Gold price currently trades around $2,065, up 0.19% on the day.

That being said, the large anticipation that the US economy could enter a recession and the potential rate cuts from the Federal Reserve (Fed) weigh on the Greenback and lift USD-denominated commodities. Investors will closely watch the December jobs data on Friday, including US Nonfarm Payrolls (NFP). The NFP figure is expected to show an increase of 163K in December versus 199K in November. The Unemployment Rate is estimated to climb to 3.8%, while December’s Average Hourly Earnings are expected to grow 0.3% MoM. If the report shows weaker-than-expected data, this could exert some selling pressure on the Greenback.

On Friday, the US Chicago Purchasing Managers' Index (PMI) came in at 46.9 in December from the previous reading of 55.8, worse than the market expectation of 51.0.

On Sunday, the Chairman of the Chinese Communist Party Xi Jinping made vague comments about supporting the economy. Jinping stated that the government will consolidate and enhance the positive trend of economic recovery and achieve stable and long-term economic growth. He added that the authorities must deepen reform, improve confidence in growth, and make more efforts to promote education, science, and technology and cultivate talents.

Gold traders will keep an eye on the US S&P Global Manufacturing PMI, due later on Tuesday. Later this week, the Federal Open Market Committee (FOMC) minutes will be a closely watched event ahead of the US Nonfarm Payrolls (NFP) report on Friday. Traders will take cues from data and find trading opportunities around the gold price.

 

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