Gold Price Analysis: XAU/USD retreats from one-week tops, on the defensive below $1810 level

A combination of factors failed to assist gold to capitalize on the early uptick to one-week tops.
The underlying bullish tone in the financial markets capped gains for the safe-haven commodity.
The recent rally in the US bond yields also held bulls from placing bets around the yellow metal.

Haresh Menghani FXStreet

Gold struggled to preserve modest intraday gains to one-week tops and was last seen hovering near the lower end of its daily trading range, just below the $1810 level.

The precious metal gained some traction during the early part of the trading action on Tuesday and built on the recent strong rebound from multi-month lows, around the $1760 region. The uptick was supported by a softer tone surrounding the US dollar, which tends to benefit the dollar-denominated commodity.

That said, the underlying bullish tone in the financial markets undermined demand for traditional safe-haven assets and capped the upside for the XAU/USD. Investors' appetite for perceived riskier assets remained supported by the impressive pace of COVID-19 vaccinations and hopes for a strong global economic recovery.

Adding to this, the progress on US President Joe Biden's proposed $1.9 trillion stimulus package further fueled the reflation trade. The prospects for a massive US fiscal spending plan pushed the yield on the benchmark 10-year bond to fresh one-year tops. This was seen as another factor capping gains for the non-yielding yellow metal.

Meanwhile, the downside remained cushioned, at least for the time being, as investors seemed reluctant to place aggressive bets ahead of the Fed Chair Jerome Powell's testimony later this Tuesday. Powell is expected to reassure ultra-accommodative policy stance, which could potentially calm bond markets and extend some support to the XAU/USD.

Hence, it will be prudent to wait for some strong follow-through selling before confirming that the recent recovery move might have already run out of steam. A sustained weakness back below the $1800 mark will be seen as a fresh trigger for bearish traders and set the stage for the resumption of the metal's prior depreciating trend.

Technical levels to watch

XAU/USD

Overview
Today last price	1808.51
Today Daily Change	0.23
Today Daily Change %	0.01
Today daily open	1808.28

Trends
Daily SMA20	1820.92
Daily SMA50	1852.79
Daily SMA100	1863.03
Daily SMA200	1859.52

Levels
Previous Daily High	1812.7
Previous Daily Low	1780.75
Previous Weekly High	1827.11
Previous Weekly Low	1760.72
Previous Monthly High	1959.42
Previous Monthly Low	1802.8
Daily Fibonacci 38.2%	1800.5
Daily Fibonacci 61.8%	1792.95
Daily Pivot Point S1	1788.45
Daily Pivot Point S2	1768.63
Daily Pivot Point S3	1756.5
Daily Pivot Point R1	1820.4
Daily Pivot Point R2	1832.53
Daily Pivot Point R3	1852.35

Author

Haresh Menghani

FXStreet

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

USD/JPY stays below 160.50 as markets assess BoJ decision

USD/JPY fluctuates in a relatively narrow range above 160.00 on Tuesday as markets assess the Bank of Japan's (BoJ) decision to raise the policy rate by 25 at the June meeting. Meanwhile, investors keep a close eye on news coming out of the Middle East, while preparing for the critical Fed meeting.

AUD/USD trades in tight channel near 0.7050 despite hawkish RBA message

AUD/USD trades modestly lower on the day at around 0.7050 on Tuesday as markets adopt a cautious stance amid a lack of details surrounding the US-Iran peace agreement. The Reserve Bank of Australia (RBA) left the door open for possible policy tightening after leaving the interest rate unchanged, as expected, at the June meeting but failed to boost the Australian Dollar.

Gold clings to moderate gains above $4,300 following Monday's rally

Gold maintains a mildly positive tone, holding gains after rallying about 6% over the last few days. The precious metal's recovery, however, has lost steam after crossing the $4,300 line as the initial enthusiasm about the US-Iran peace deal faded, with investors moving to the sidelines in anticipation of details of the agreement and monetary policy decisions by the Fed.

Solana's rebound gains momentum as ETF inflows return

Solana (SOL) steadies at $73 after posting three consecutive green candlesticks since the weekend. The recent recovery is supported by institutional demand, with spot Exchange Traded Funds recording net inflows of $2.81 million on Monday.

Kevin Warsh opens first Fed meeting June 16 with rate hold expected

Kevin Warsh was confirmed by the Senate in a 54-45 vote and sworn in as Federal Reserve Chair on 22 May 2026. The ceremony took place at the White House, with Supreme Court Justice Clarence Thomas administering the oath. The FOMC meeting on 16 and 17 June is his first as chair. The June meeting is also a quarterly projection meeting.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.