• Gold grinds higher around intraday top, consolidates two-week losses.
  • Market sentiment dwindles, the US dollar remains pressured on rate hikes, recession woes.
  • G7 leaders brace for banning imports of Russian gold, and crude oil.
  • US Durable Goods Orders to decorate daily calendar, ECB Forum is important for the week.

Gold Price (XAU/USD) extends Friday’s recovery to $1,836 ahead of Monday’s European session. The precious metal’s upside moves could be linked to the softer US dollar, as well as chatters surrounding a ban on gold imports from Russia.

US Dollar Index (DXY) remains pressured around the intraday low of 103.95 as markets struggle for clear directions.

Market sentiment remains sluggish amid the fears of faster rate hikes and US economic slowdown, not to forget geopolitical concerns surrounding China and Russia. It should, however, be noted that the hopes of overcoming the tough time, as well as cautious optimism ahead of this week’s key debate among the policymakers of the European Central Bank (ECB), Fed and the Bank of England (BOE), seem to favor the gold buyers.

It’s worth noting that four of the Group of Seven (G7) rich nations moved to ban imports of Russian gold on Sunday to tighten the sanction squeeze on Moscow and cut off its means of financing the invasion of Ukraine, per Reuters.

Amid these plays, the S&P 500 Futures remain firmer around 3,920, up 0.20% intraday by the press time, whereas the US 10-year Treasury yields rise three basis points (bps) to around 3.16% after posting the first weekly loss in four.

Although mixed concerns and fears of the ban on Russian gold may underpin gold’s upside momentum, rate hike woes may recall the gold sellers. For that matter, today’s US Durable Goods Orders for May, expected 0.1% versus 0.5% prior, as well as Wednesday’s debate of the US and the UK and the European central bankers at the ECB Forum on Central Banking, will be important to watch.

Technical analysis

Gold buyers cheer a clear upside break of the 100-HMA and 20-HMA, as well as bullish MACD signals, as they approach a one-week-old resistance line near $1,840.

However, major attention is given to the 61.8% Fibonacci retracement level of the June 12-14 downturn, around $1,850, for further upside momentum. Also acting as resistance is the mid-June swing high near $1,858.

Meanwhile, pullback moves may initially aim for the stated HMAs, near $1,830, before revisiting the 23.6% Fibonacci retracement level surrounding $1,822.

In a case where XAU/USD drops below $1,822, the monthly low of $1,805 will appear as the last defense of buyers.

Gold: Hourly chart

Trend: Further upside expected

Additional important levels

Today last price 1836.66
Today Daily Change 10.05
Today Daily Change % 0.55%
Today daily open 1826.61
Daily SMA20 1842
Daily SMA50 1861.3
Daily SMA100 1891.94
Daily SMA200 1844.09
Previous Daily High 1831.86
Previous Daily Low 1816.99
Previous Weekly High 1847.95
Previous Weekly Low 1816.99
Previous Monthly High 1909.83
Previous Monthly Low 1786.94
Daily Fibonacci 38.2% 1826.18
Daily Fibonacci 61.8% 1822.67
Daily Pivot Point S1 1818.45
Daily Pivot Point S2 1810.28
Daily Pivot Point S3 1803.58
Daily Pivot Point R1 1833.32
Daily Pivot Point R2 1840.02
Daily Pivot Point R3 1848.19



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

AUD/USD losses momentum and trades around 0.6950

AUD/USD losses momentum and trades around 0.6950

AUD/USD eased in the American session to settle at the lower end of its Tuesday range. Lingering Chinese and US inflation figures sent investors to the sidelines. Eyes on equities and government bond yields.


EURUSD returns 1.0200 as the market mood sours

EURUSD returns 1.0200 as the market mood sours

The EUR/USD pair is battling to hold above the 1.0200 mark, undermined by a souring market mood. The European energy crisis adds to the poor performance of the shared currency.


Gold bulls to challenge $1,800 ahead of US inflation figures

Gold bulls to challenge $1,800 ahead of US inflation figures

Gold kept rallying on Tuesday, hitting a fresh one-month high. The greenback remained weak throughout the first half of the day, recovering some ground after Wall Street’s opening amid the poor tone of US indexes.

Gold News

Iran adopts crypto in foreign trade, debuts with $10 million import order

Iran adopts crypto in foreign trade, debuts with $10 million import order

In a watershed moment for crypto adoption, Iran registered its first official order for importing $10M worth of goods paid for in cryptocurrencies. A private Iranian news agency reported that the Ministry of Industry, Mine and Trade has plans to widely use cryptos in foreign trade.

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!