Gold Price Analysis: Depressed near $1735 level, bullish bias remains

Gold edged lower on Thursday but managed to hold above the $1730-25 support area.
Mixed technical indicators warrant some caution before placing fresh directional bets.

Haresh Menghani FXStreet

Gold traded with a negative bias through the early North American session, albeit has managed to hold above a horizontal support near the $1730-28 region. Meanwhile, the recent move up has been along a two-month-old upward sloping channel, which supports prospects for a further near-term appreciating move.

The positive outlook is further reinforced by the fact that technical indicators on the daily chart are still holding in the bullish territory. However, oscillators on hourly charts have been losing positive momentum. Driving indicators on hourly/daily charts and warrant some caution before placing any directional bets.

That said, a convincing break below the mentioned support might prompt some aggressive technical selling and turn the commodity vulnerable to accelerate the fall further towards challenging the trend-channel support, currently near the $1700 mark.

On the flip side, any meaningful positive move now seems to confront immediate resistance near the $1755 level. Some follow-through buying now seems to set the stage for a move beyond multi-year tops, near the $1765 region. The yellow metal might then aim to test the top end of the mentioned channel, around the $1775 area.

Gold 4-hourly chart

Technical levels to watch

XAU/USD

Overview
Today last price	1735.52
Today Daily Change	-13.42
Today Daily Change %	-0.77
Today daily open	1748.94

Trends
Daily SMA20	1715.53
Daily SMA50	1658.42
Daily SMA100	1622.26
Daily SMA200	1557.58

Levels
Previous Daily High	1754.04
Previous Daily Low	1742.74
Previous Weekly High	1751.8
Previous Weekly Low	1690.05
Previous Monthly High	1747.82
Previous Monthly Low	1568.46
Daily Fibonacci 38.2%	1749.72
Daily Fibonacci 61.8%	1747.06
Daily Pivot Point S1	1743.11
Daily Pivot Point S2	1737.27
Daily Pivot Point S3	1731.81
Daily Pivot Point R1	1754.41
Daily Pivot Point R2	1759.87
Daily Pivot Point R3	1765.71

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

GBP/USD appears well offered near 1.3160

GBP/USD builds on Tuesday’s losses, although it now manages to pick up some pace and bounce off earlier multi-month troughs near 1.3140. The Greenback’s solid performance and continued political turmoil in the UK are keeping Cable under persistent pressure, with little sign of a meaningful recovery.

EUR/USD softens to near 1.1350 as Fed hike bets rise ahead of PCE inflation data

The EUR/USD pair declines to around 1.1355 during the early Asian trading hours on Thursday. The Euro weakens to its lowest level since June 2025 against the US Dollar as traders increase their bets on US interest rate hikes later this year. The US May Personal Consumption Expenditures inflation data will be the highlight on Thursday.

Gold off YTD lows, still struggles around $4,000 on hawkish Fed bets

Gold is off year-to-date lows, still struggling around $4,000 in the Asian session on Thursday as bears pause following the overnight slump to the lowest level since November 2025. Despite easing inflationary concerns amid falling oil prices, elevated Fed rate-hike bets help the US Dollar preserve its recent strong gains to the highest level since May 2025, weighing on non-yielding bullion.

Crypto market sheds over 50% of its value amid Bitcoin's brief decline below $60K

The crypto market has erased more than half of its value since reaching an all-time high in late 2025. The decline underscores the severity of the recent bear market and lack of a fresh catalyst to revive investor interest, according to a Wednesday X post by The Kobeissi Letter. The total crypto market cap peaked at a record $4.3 trillion on October 6, 2025.

5.90% to 5.45%: Why the Pound ignored the bond market’s relief rally

Keir Starmer resigned on Monday, and the Pound barely moved. That near-silence is the tell. Sterling's real driver these past four months has not been the prime minister, nor the left-leaning frontrunner lining up to replace him, but the long end of the gilt curve, which answers to a force no British politician controls.

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.