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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended Content

Recommended Content

Editors’ Picks

EUR/USD rebounds above 1.0300 as dollar resumes post-US CPI decline

EUR/USD rebounds above 1.0300 as dollar resumes post-US CPI decline

EUR/USD has jumped back above 1.0300 amid fresh weakness in the US dollar. Risk sentiment regains traction despite the US-Sino tensions and China's covid woes. Investors reassess the US inflation data and its impact on Fed rate hike expectations.


GBP/USD recaptures 1.2200 ahead UK ministers’ meeting with energy firms

GBP/USD recaptures 1.2200 ahead UK ministers’ meeting with energy firms

GBP/USD is paring losses to trade above 1.2200 in early European trading. The US dollar sees renewed selling amid the return of risk flows. The safe-haven dollar fails to capitalize on China-linked concerns. The UK ministers will meet major energy firms amid a deepening energy crisis. 


Gold: Sellers poke $1,784 support on Fed, China jitters

Gold: Sellers poke $1,784 support on Fed, China jitters

Gold price holds lower grounds around intraday bottom near $1,780, as bears attack the 50-DMA heading into Thursday’s European session. The precious metal respects the US dollar’s latest rebound amid mixed concerns surrounding the Fed's next move and China.

Gold News

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price shows a resilience that has not only kept it above a significant support level but also managed to slowly catalyze a move that could result in a 60% upswing.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!