Gold Price Forecast: Bulls defying a critical Fibonacci resistance level

Valeria Bednarik FXStreet

XAU/USD Current price: $1,825.30

Market players patiently await US inflation data to decide directional bets.
US government bond yields are on the run, but demand for the greenback remains subdued.
XAU/USD is poised to retest the yearly high at $1,853.83 a troy ounce.

Spot gold hit its highest in two weeks, now holding near an intraday top of $1,828.37 a troy ounce. The American currency remains on the back foot, despite getting a temporal boost from rising US government bond yields, as that on the 10-year Treasury note surged to 1.97%. Meanwhile, Wall Street holds on to substantial intraday gains.

Market players patiently await an update on US inflation, as the country will publish the January Consumer Inflation Index figures on Thursday. The macroeconomic calendar had little to offer so far this week, leaving investors without a trigger.

Gold price short-term technical outlook

The XAU/USD pair trades around the 61.8% retracement of the latest daily slide. From a technical point of view, the bright metal has room to extend its gains. The daily chart shows that it’s currently developing above all of its moving averages, while the RSI indicator aims higher at around 55. However, the Momentum indicator remains within neutral readings, suggesting some prevalent caution among speculative interest.

The 4-hour chart shows that gold stands above all of its moving averages, with the 20 SMA accelerating north but still below the longer ones. Meanwhile, the Momentum indicator loses strength but remains within positive levels. On the other hand, the RSI indicator heads firmly higher, approaching overbought readings. XAU/USD could retest 2022 high at $1,853.85 on a clear break above the immediate near-term resistance at 1,831.70.

Support levels: 1,818.50 1,808.10 1,797.45

Resistance levels: 1,831.70 1,842.90 1,853.85

View Live Chart for the XAU/USD

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

GBP/USD resumes downside below 1.3200

GBP/USD resumes its downside below 1.3200 in European trading on Wednesday. The pair remains vulnerable amid a broadly firmer US Dollar and chaotic UK political environment. The focus is now on BoE-speak for further trading impetus.

EUR/USD sits at yearly low near 1.1350 on USD strength

EUR/USD sits at yearly lows near 1.1350 in the European morning on Wednesday. The pair remains vulnerable to further declines amid a bullish US Dollar. The Greenback continues to draw support from hawkish Fed bets and US-Iran peace deal uncertainty.

Gold: Bears retain control as Fed rate hike bets continue to boost USD

Gold recovers slightly from a nearly two-week low, around the $4,050 region, touched earlier this Wednesday. The commodity, however, sticks to its bearish bias for the second straight day, and seems vulnerable to weaken further amid sustained US Dollar buying.

Dogecoin tests a key make-or-break point amid waning retail support

Dogecoin trades below $0.08000 maintaining a steady decline for the seventh straight week. The meme coin is losing its retail strength as DOGE futures Open Interest drops 10% in 24 hours, while institutional demand remains muted with zero inflows so far this week.

Tech rout weighs on US stocks as the USD clocks a fresh 2026 high

Major US equity benchmarks ended Tuesday’s session considerably in the red, with the Nasdaq 100 down 3.3%, the S&P 500 off by 1.4%, and the Dow Jones down 0.1%. Stocks were largely weighed down by tech amid doubts over the AI-driven rally; the Philadelphia Semiconductor Index slid nearly 8%.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.