Gold Price Forecast: Cooling US housing market could revive the uptrend in XAUUSD

Gold price stalls a two-day corrective decline on the final trading day of the week. Focus shifts toward the United States Existing Home Sales data. Disappointing figures could revive the uptrend in the yellow metal, FXStreet’s Dhwani Mehta reports. 

End-of-the-week flows could keep Gold bulls on the edge

“Another sign of US housing market cooling could add to the latest leg down in the US Dollar. Friday will see the United States Existing Home Sales dropping in at 15:00 GMT, with a mild downtick to 4.38M expected in October when compared to the previous print of 4.71M.” 

“Should the US data disappoint by a wide margin, it could reinforce expectations of a Federal Reserve slowdown in the tightening pace. The resultant US Dollar weakness could revive the uptrend in Gold price.”

“However, the end-of-the-week flows could play out and keep Gold bulls on the edge, with attention turning toward next week’s Federal Reserve meeting minutes.”