Gold Price Analysis: XAU/USD to confront stubborn resistance around $1797

FXStreet Insights Team FXStreet

Gold extends gains towards $1800 as Treasury yields ease. XAU/USD is likely to face stiff resistance near $1795-$1800, FXStreet’s Dhwani Mehta reports.

See – Gold Price Analysis: US Treasury yields and USD to ease later in the year, allowing for XAU/USD gains – HSBC

Growing covid concerns weigh on stocks, yields

“The US rates could resume their decline should the risk-off mood worsen, benefiting gold further. The relentless rise in the covid cases threatens to derail the global economic recovery, which unnerves the investors. Amid a lack of relevant economic data, gold will continue to follow the yields for fresh directives.”

“Gold remains on track to test the rising wedge hurdle at $1797 en-route $1800.”

“The price has managed to hold above the 21-simple moving average (SMA) at $1775, with the bullish Relative Strength Index (RSI) pointing towards extra gains.”

“A four-hourly candlestick close below the 21-SMA at $1775 will recall the sellers.”

“The confluence of the wedge support and 50-SMA at $1757 could emerge as strong support.”

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.

EUR/USD edges higher to near 1.1600 on US-Iran Strait of Hormuz deal

The EUR/USD pair trades in positive territory around 1.1590 during the early Asian session on Tuesday. A deal to reopen the Strait of Hormuz spurred a rally in riskier assets such as the Euro against the US Dollar. Traders await the US Federal Reserve interest rate decision later on Wednesday.

GBP/USD retreats from tops, back to 1.3420

GBP/USD keeps its advance past the 1.3400 yardstick at the beginning of the week. In the meantime, Cable continues to draw support from improved market sentiment following reports that the US and Iran have reached a framework agreement aimed at ending the conflict and reopening the Strait of Hormuz.

Gold posts modest gains as US‑Iran peace deal, fading Fed hike bets support bullion

Gold price trades with mild gains during the early Asian session on Tuesday. The precious metal extends the rally after the United States and Iran reached a comprehensive framework deal to end hostilities, easing inflation concerns.

Indonesia may have stabilised the Rupiah, but the bigger fight is not over

Bank Indonesia’s emergency rate hike has bought the Rupiah some time, but the currency’s hesitant response suggests it has not yet restored confidence. Can higher interest rates solve the Rupiah’s problem, or do the country’s challenges run deeper?

RBA set for first interest-rate pause of 2026 as bets of further hikes weaken

The Reserve Bank of Australia is widely expected to leave the Official Cash Rate unchanged at 4.35% when it announces its monetary policy decision on Tuesday, marking a pause after three consecutive rate hikes delivered earlier this year. The decision will be announced at 04:30 GMT, accompanied by the Monetary Policy Statement.

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.