Gold Price Analysis: XAU/USD downtrend is still far from being over

FXStreet Team FXStreet

Gold is fighting around $1,700, benefiting from stimulus funds and shrugging off the increase in yields. According to FXStreet’s Haresh Menghani, the uptick might still be seen as an opportunity for XAU/USD bears.

Key quotes

“The passage of US President Joe Biden's $1.9 trillion pandemic aid package, along with reports of attacks on Saudi Arabian oil production facilities extended some support to the safe-haven XAU/USD.”

“In the absence of any major market-moving economic releases from the US, the broader market risk sentiment will play a key role in driving the XAU/USD. Apart from this, the US bond yields will influence the USD price dynamics and produce some meaningful trading opportunities.”

“Any further recovery towards the $1722-23 region would still be seen as a selling opportunity. This, in turn, should cap the upside near the $1740 heavy supply zone. That said, a sustained move beyond has the potential to push the metal back towards an important $1760-65 strong support breakpoint, now turned resistance.”

“The trend-channel support, around the $1690-88 region, might continue to protect the immediate downside. A sustained breakthrough will be seen as a fresh trigger for bearish trades and turn the commodity vulnerable to accelerate the fall towards the $1670 horizontal support. Some follow-through selling should pave the way for a further near-term depreciating move towards the next major support near the $1620-15 region.”

Author

FXStreet Team

FXStreet

EUR/USD gathers traction, approaches 1.1800

EUR/USD manages to reverse Tuesday’s pullback, advancing to two-day highs near the 1.1800 hurdle in the latter part of Wednesday’s session. The pair’s decent uptick comes on the back of the modest retracement in the US Dollar, as investors continue to closely follow developments on the trade front and news from the White House in the wake of President Trump’s SOTU speech.

GBP/USD challenges multi-day highs near 1.3530

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a modest decline in the Greenback and a generalised improved mood in the risk-linked space. Meanwhile, the US tariff narrative continues to dictate the mood among market participants after Presidet Trump’s SOTU speech failed to surprise markets.

Gold remains bid and close to $5,200

Gold buyers are returning to the fold on Wednesday, targeting the $5,200 area and possibly beyond, after Tuesday’s corrective dip from monthly highs. The rebound in the precious metal comes as the US Dollar loses traction, with Trump’s SOTU speech offering little fresh direction and AI-related nerves continuing to ease.

Crypto Today: Bitcoin, Ethereum, XRP test rebound strength as ETF inflows return

Bitcoin, Ethereum and Ripple are gaining traction at the time of writing on Wednesday, amid persistent market doldrums. The Crypto King is up over 2% intraday, trading above $65,000 from the day’s opening of $64,058.

Nvidia earnings to influence AI trade and broader market sentiment

For the last three years, Nvidia has been the engine of the AI boom, and now Wall Street is watching to see whether that momentum can keep going. High-growth stocks have been struggling to maintain their bullish trend in 2026.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.