XAU/USD back on the high side as bidders seek $2,100 post-US ISM PMI miss

Source Fxstreet
  • XAU/USD climbs back over $2,060.00 on Friday.
  • A miss on US ISM PMI numbers are fueling investor appetite.
  • Hopes for Fed rate cuts mount with each data print that suggests easing inflation.

Spot Gold caught a bump on Friday after the US ISM Manufacturing Purchasing Manager Index (PMI) came in below expectations, sparking renewed hopes of the Federal Reserve (Fed) delivering rate cuts sooner rather than later.

The US ISM Manufacturing PMI for February unexpectedly slid back on Friday, printing at 47.8 versus the forecast increase to 49.5 against the previous month's 49.1.

Read more: ISM Manufacturing PMI declines to 47.8 in February vs. 49.5 expected

The Fed's latest Monetary Policy Report revealed the Fed is cautiously optimistic that inflation is coming under control, albeit with some notable sticking points in a still-tight labor market and stubborn shelter and rent prices inflation caused by housing supply constraints.

Federal Reserve MPR: Inflation expectations are broadly consistent with 2% goal

Technical outlook

Spot Gold is rallying hard on Friday, crossing $2,060.00 in the early US session and cracked $2,080.00 at the time of writing. Near-term XAU/USD bids caught a technical bounce from the 200-hour Simple Moving Average (SMA) near $2,030.00. 

XAU/USD daily candlesticks are set for a break of the $2,100.00 price handle, and the nearest technical ceiling beyond that rests near all-time highs near $2,144.48 set in early December. 

XAU/USD hourly chart

XAU/USD daily chart

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
The Fed held at 3.75%–4.00% — and two officials voted to hike. December is now 85% pricedThe FOMC held by a 10–2 vote, with Governor Cook and Cleveland Fed President Hammack dissenting for a 25bp hike. Chair Warsh offered no forward guidance and no dot plot, the 2-year yield fell 8bp to 4.70%, and the dollar slipped to 101.84 even as markets moved December hike odds to 85%–87%. Tonight's Q3 GDP and September core PCE are the next referee.
Author  Irene Q.
Oct 29, Thu
The FOMC held by a 10–2 vote, with Governor Cook and Cleveland Fed President Hammack dissenting for a 25bp hike. Chair Warsh offered no forward guidance and no dot plot, the 2-year yield fell 8bp to 4.70%, and the dollar slipped to 101.84 even as markets moved December hike odds to 85%–87%. Tonight's Q3 GDP and September core PCE are the next referee.
placeholder
Gold Price Analysis Today | Forex Gold Analysis | XAU/USD Analysis - November 2, 2026Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 2, 2026. Read on for the details.
Author  Mitrade
Nov 02, Mon
Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 2, 2026. Read on for the details.
placeholder
Gold Price Analysis Today | Forex Gold Analysis | XAU/USD Analysis - November 3, 2026Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 3, 2026. Read on for the details.
Author  Mitrade
Yesterday 01: 49
Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 3, 2026. Read on for the details.
placeholder
Gold rebounds to $3,946 off $3,870 as oil does the Fed's work — but the ETF bid is still missingGold closed at $3,946, up 1.84% from a one-year low of $3,870.25, as Brent's 7.6% slide cut December hike odds to 77%. ETF holdings are still shrinking — a short-covering bounce, not new money.
Author  Irene Q.
Yesterday 03: 12
Gold closed at $3,946, up 1.84% from a one-year low of $3,870.25, as Brent's 7.6% slide cut December hike odds to 77%. ETF holdings are still shrinking — a short-covering bounce, not new money.
placeholder
Brent at $103.60: the peace trade is selling paper, but the physical market just drew 5.3 million barrelsBrent settled at $103.60, its lowest close since October 7 and an 8% weekly drop on US-Iran talks. Yet API crude stocks fell 5.267 million barrels versus a 2.1 million build expected.
Author  Irene Q.
3 hours ago
Brent settled at $103.60, its lowest close since October 7 and an 8% weekly drop on US-Iran talks. Yet API crude stocks fell 5.267 million barrels versus a 2.1 million build expected.
Related Instrument
goTop
quote