Gold Price Analysis: XAU/USD bulls continue to target $1800

FXStreet Insights Team FXStreet

Heading into the final trading day of this week, gold has turned positive once again, looking to retake the $1800 mark, as the upside bias remains intact amid bullish technical setup, FXStreet’s Dhwani Mehta briefs.

See – Gold Price Analysis: XAU/USD to climb towards the $1857/83 area – Credit Suisse

News on Biden’s tax proposal, US PMIs and covid updates in focus

“The greenback has resumed its bearish momentum amid improving market mood, as investors appear to move past Biden’s tax hike reports. The US Treasury yields are stabilizing after the previous drop, although its impact on the yieldless gold is likely to be limited, as the technical setup remains in favor of the bulls.”

“Markets look forward to the Eurozone and US PMI reports from fresh hints on the post-pandemic global economic recovery. Meanwhile, the covid vaccines and infections updated will be closely eyed as well.”

“A daily closing above the $1800 threshold is needed to revive the double bottom bullish reversal. The 100-DMA at $1804 would be the next bullish target, above which the doors are likely to open up towards the February 24 high of $1814.”

“A drop below Thursday’s low of $1777 is likely to put this week’s low at $1764 at risk. Further down, the confluence of the 21 and 50-DMAs at $1747 is the level to beat for the XAU bears.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD declines as market caution lifts US Dollar

GBP/USD extends its gains for the second successive day, trading around 1.3200 during the Asian hours on Wednesday. The currency pair depreciated as the US Dollar gained momentum, driven by a combination of robust domestic economic data and a complex, mixed geopolitical landscape.

EUR/USD weakens below 1.1400 as Fed hike bets lift US Dollar

The EUR/USD pair trades on a negative note near 1.1380 during the early Asian trading hours on Wednesday. The major pair extends the decline as traders continue to assess the developments surrounding the US-Iran peace deal.

Gold nurses losses near $4,100 as Fed hike bets support USD

Gold recovers slightly from a fresh two-week low, near $4,070 touched during the Asian session on Wednesday, though it lacks follow-through. The US Dollar stands firm near its highest level since May 2025 amid firming expectations of a Fed rate hike, which, in turn, is seen undermining the non-yielding bullion. Furthermore, mixed US-Iran signals further favor the USD bulls.

Global strategy 3Q 2026

With the signing of a framework agreement and subsequent negotiations between the U.S. and Iran in June, the outlook for the third quarter is favorable. Oil prices have already fallen sharply, and futures are pricing in a further decline over the course of the year. This will ease the burden on consumers and reduce uncertainty among businesses, with positive effects on the economy.

"Rearranging the deckchairs on the Titanic": UK's fiscal crisis outlasts another Prime Minister

Keir Starmer's resignation as the UK Prime Minister comes ten years after the Brexit referendum vote, a coincidence that financial markets have been quick to note. The British Pound trades around 1.3220 against the US Dollar on Thursday.

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.