The United States (US) manufacturing and services PMI data published yesterday showed a weak figure for September, prompting a decline in the US dollar currency while also supporting the increase in gold prices in the market.
Gold prices strengthened to a recent high of $2,634 before moving back slowly towards the end of the New York session.
The slow decline in prices continued until the opening of the Asian session today (Tuesday).
After the PMI data, investors are now turning to some other data such as the US GDP, the PCE index and the speech from the chairman of the Federal Reserve (Fed) Jerome Powell which will be the main focus of investors.
On the XAU/USD chart which measures the value of gold against the US dollar, the price is seen to have made an increase to a height of 2634.00 and today (Tuesday), the latest height record continues to be recorded again.
At the end of the Asian session, the price had recorded a recent all-time high at 2640.00 before starting to pull back down to trade slightly lower at the start of the European session.
With the expected tendency for gold prices to continue rising higher, the zone between 2670.00 and 2700.00 is likely to be the latest price target after this.
If the price does not manage to continue the momentum (bullish), investors will be on the lookout for signs of falling prices again.
However, the price of gold is at risk of falling if the USD strengthens all likely to be driven by the US consumer confidence survey data that will be published in the New York session tonight. If the price wants to make a fall, the 2600.00 level will be the focus. which is the resistance that the price has broken through during the week past.
If the price exceeds that level, it means that the era of gold decline will return again.
Some important price levels of the previous weeks such as 2530.00, 2500.00 and 2470.00 will be the focus of attention.
