XAUUSD Forecast: Gold Prices buyers stay hopeful whilst above 38.2% Fibo level at $2,700

• The US Dollar stalls with Treasury bond yields as Tesla’s earnings report lifts mood.
• Technically, Gold price appears a ‘buy-the-dips’ trade, 38.2% Fibo level holds the key

The gold price is reversing a portion of the Wednesday correction from record highs of $2,759 early Thursday. A pause in the US Dollar (USD) advance provides support to gold purchasers, as the rally in US Treasury bond yields takes a break in the lead-up to the preliminary S&P Global US PMI data.

The gold price is anticipating additional incentives from the US PMI data

The minor decline in the USD and the US Treasury bond yields may be attributed to a stabilising market sentiment in Asia, which occurred in the wake of Wall Street’s tech sell-off overnight. Following Tesla Inc.’s encouraging earnings report, US equity futures experienced a rebound amid a risk reset, as investors breathed a sigh of relief.

Tesla reported adjusted earnings of 72 cents per share for the quarter, surpassing the average analyst estimate and ending a four-quarter streak in which the measure failed to meet expectations, according to CNBC News. The company announced that its Cybertruck, which was initially delivered late last year, has achieved profitability for the first time.

However, the potential for further increases in the price of gold is contingent upon the forthcoming preliminary business PMI data from the United States and the Eurozone. The health of the global economy will be the focus of investors’ attention, as it will affect risk sentiment and safe-haven assets such as the USD and gold prices.

The US S&P Global preliminary Manufacturing PMI is anticipated to increase slightly to 47.5 in October from 47.3 in September, while the Services PMI is expected to decrease slightly to 55.0 in the same period from 55.2 in September.

In the interim, the sentiment regarding the gold price will be influenced by the market’s anxiety regarding critical US earnings reports and the presidential election. The potential decline in the price of gold is likely to be purchased, as purchasers may reemerge on the basis of the safe-haven demand for gold in response to the ongoing Middle East conflict and the November 5 US election