Gold: Down 0.6% – Retracing more of the recent advances

Paul Rejczak Gold Price Forecast

The gold futures lost 0.56% on Friday, as it retraced some of the recent rally. The market has bounced off its mid-April local high. On April 14 it was the highest since November of 2012 and the daily high was at $1,788.80. Since then we’ve seen some profit-taking action and a potential downward reversal. But gold began acting as a safe haven asset again. It rallied last week and got closer to the mentioned medium-term high.

Gold is down 0.6% this morning, as it retraces more of the recent advances. What about the other precious metals? Silver has lost 0.6% on Friday and today it unchanged. Platinum lost 1.80% on Friday and today it is down 0.5%. Palladium lost 0.8% on Friday and today it is gaining 1.6%. So precious metals extend their short-term consolidation on Monday.

The recent economic data releases have revealed more coronavirus damage to the economy. Today there will be no new important data releases. However in the coming days we will get series of news announcements including Wednesday’s FOMC Rate Decision and Monetary Policy update. Please take a look at our today's Market News Report to find out about the coming economic data releases.

Want free follow-ups to the above article and details not available to 99%+ investors? Sign up to our free newsletter today!

Author

Paul Rejczak

Gold Price Forecast

Paul Rejczak is a stock market strategist who has been known for the quality of his technical and fundamental analysis since the late nineties.

AUD/USD remains above 0.7200 after China's trade data

AUD/USD sits above 0.7200 in the Asian session on Tuesday, near its highest level since May 14. The US Dollar stays under pressure as a rallying Japanese Yen outweighs support from hawkish Fed bets and geopolitical tensions. This, along with firming expectations for another RBA rate hike later this month, acts as a tailwind for the Aussie. However, mixed China trade balance data keep the pair restricted.

USD/JPY rebounds above 154.00 as markets assess BoJ outlook

USD/JPY rebounds from the six-month low it touched below 153.00 earlier in the day and trades above 154.00 in the second half of the day. Nevertheless, the upside attempts resemble technical corrections for now as Japan's upbeat wage growth data and Q2 GDP revision cement bets on a BoJ rate hike next week and continue to support the Japanese Yen.

Gold reverses early gains as US Dollar rebounds, Oil prices rise

Gold (XAU/USD) struggles to hold early gains and reverses course on Tuesday as a modest rebound in the US Dollar (USD) and rising Oil prices weigh on the precious metal. At the time of writing, XAU/USD trades around $4,400 after reaching an intraday high near $4,443.

Ripple and Stellar outlook: Hold bullish bias above EMAs as derivatives back upside

Ripple (XRP) and Stellar (XLM) hold above the key support zones on Tuesday, hinting at an upside move. Derivatives metrics further support the recovery, with both altcoins showing positive funding rates and rising long positions. Derivatives data shows a bullish tilt among XRP and XLM traders.

Europe in focus: September 2026

Six major net contributors demanded substantial cuts to the European Commission’s proposed 2028–2034 EU budget. Germany, Denmark, the Netherlands, Austria, Finland and Sweden issued a joint position on 27 August calling for the nearly €2 trillion proposal to be reduced by several hundred billion euros and rejecting additional common EU borrowing.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.