Gold Price Analysis: XAU/USD to find cushion at the $1700 level

FXStreet Team FXStreet

Gold (XAU/USD) failed to sustain at weekly highs around $1740 on Thursday, ending the day in the red at $1724. On the final trading day of this week, XAU/USD bears are testing bullish commitments above $1700, as FXStreet’s Dhwani Mehta reports.

See – Gold Price Analysis: XAU/USD to end the year close to $1600 – CE

Key quotes

“The reflation theme is back in play, thanks to the upbeat remarks from US President Joe Biden, who talked up the vaccine campaign amid the $1.9 trillion stimulus passage. Therefore, gold could bear the brunt if the uptrend in the US rates resumes. On the macro front, the US PPI release will be eyed while the focus will continue to remain on the yield play.”

“Gold’s 4-hour chart shows that the price has pierced the critical support at $1717, which is the bullish 21-simple moving average (SMA). The $1700 round number could offer some cushion to the XAU bulls before they target the multi-month troughs at $1677.”

“The Relative Strength Index (RSI) has turned flat while holding above the midline, suggesting that the XAU buyers still remain hopeful.”

“Thursday’s high at $1739 could be probed again, above which the 100-SMA at $1745 remains on the buyers’ radars. The next stop for the bulls is seen at $1760, the March 1 high.”

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

GBP/USD nears 1.3400 after BoE decision, US Q2 GDP

GBP/USD peaked just above 1.3400 following the BoE's announcement. The Bank of England decided to maintain the benchmark rate unchanged at 3.75%. The MPC voted 6-3 to keep rates on hold, with the 3 dissenters favoring a rate hike. US Q2 GDP missing expectations helps maintain the pair afloat.

EUR/USD resumes advance following tepid US growth data

EUR/USD trimmed early losses and aims north in the American session on Thursday, helped by better-than-expected German and Eurozone GDP data and lower-than-anticipated US growth, according to the preliminary estimate of Q2 Gross Domestic Product. The economy expanded at an annual rate of 1.5% vs the 2.1% anticipated by market participants.

Gold stable below $4,100 as USD demand fades

Gold hovers around its daily open in the American session on Thursday, trimming early losses. The Greenback enjoyed some near-term demand following Wednesday's post-FOMC downfall, but was unable to retain its gains. The preliminary estimate of the US Q2 GDP showed the economy grew n annual rate of 1.5%, missing market's expectations of 2.1%

BoE Press Conference: Governor Bailey comments on policy outlook after July hold

Bank of England (BoE) Governor Andrew Bailey explains the decision to maintain the bank rate at 3.75% in a 6-3 vote split following the July monetary policy meeting and responds to questions from the press. Follow here the press conference.

US GDP expected to grow at 2.1% in Q2, unshaken by Iran conflict

The United States (US) Bureau of Economic Analysis (BEA) is set to publish its preliminary estimate of second-quarter Gross Domestic Product (GDP) on Thursday, with analysts expecting the data to show annualised growth at a solid 2.1%, a modest cooling from the 2.1% expansion recorded in the previous quarter.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.