Gold Price Analysis: XAU/USD defends Friday's low

Gold bulls defend support of Friday's low of $1,897.
The yellow metal is trapped in a descending triangle on the 15-minute chart.

Omkar Godbole FXStreet Contributor

While gold (XAU/USD) has bounced up from Friday's low of $1,897, the yellow metal is still trapped in a descending channel, as seen on the 15-minute chart.

A move above the top end of the triangle, currently at $1,903, would confirm a breakout and open the doors for the Oct. 2 high of $1,917.

Alternatively, acceptance below $1,897 – the lower end of the triangle – would reinforce the bearish view put forward by the hourly chart rising wedge breakdown confirmed on Friday and expose the 100-day SMA at $1,855.

At press time, gold is trading at $1,900 per ounce.

Hourly and 15-min charts

Trend: Neutral

Technical levels

XAU/USD

Overview
Today last price	1900.2
Today Daily Change	2.88
Today Daily Change %	0.15
Today daily open	1897.32

Trends
Daily SMA20	1916.56
Daily SMA50	1945.54
Daily SMA100	1854.2
Daily SMA200	1734.81

Levels
Previous Daily High	1917.16
Previous Daily Low	1889.93
Previous Weekly High	1917.16
Previous Weekly Low	1848.82
Previous Monthly High	1992.42
Previous Monthly Low	1848.82
Daily Fibonacci 38.2%	1900.33
Daily Fibonacci 61.8%	1906.76
Daily Pivot Point S1	1885.78
Daily Pivot Point S2	1874.24
Daily Pivot Point S3	1858.55
Daily Pivot Point R1	1913.01
Daily Pivot Point R2	1928.7
Daily Pivot Point R3	1940.24

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

AUD/USD edges higher above 0.7050 as hot CPI lifts RBA rate hike odds

The AUD/USD pair gathers strength to near 0.7055 during the Asian trading hours on Thursday. The Australian Dollar edges higher against the US Dollar as hotter inflation data bolsters expectations of Reserve Bank of Australia rate hikes. The US September Personal Consumption Expenditures inflation report will be in the spotlight later on Thursday.

USD/JPY retakes 158.00 as USD stalls the post-FOMC corrective slide

USD/JPY attracts some dip-buyers during the Asian session on Thursday, climbing back above 158.00 as the US Dollar reverses part of the post-FOMC pullback from a two-week high. Bulls, however, await key US macro data – the Advance Q3 GDP and the PCE Price Index – before positioning for further gains. Focus will then shift to the crucial BoJ policy update on Friday amid firming expectations for a December rate hike.

Gold remains sidelined just above $4,000

Gold leaves behind the recent three-day positive streak and faces renewed selling pressure near the $4,000 mark per troy ounce on Thursday. The precious metal’s daily decline comes amid marginal gains in the US Dollar and mixed US Treasury yields, while crude oil prices remain on the back foot.

Top Altcoins Price Forecast: Ripple and Solana under pressure as Hyperliquid recovers

Ripple is down over 2% on Thursday, extending losses below $1.30 and capped below crucial moving averages. Solana drops 2% so far, testing its 200-day EMA and the $100 psychological level amid mounting selling pressure.

BoJ preview: Hawkish hold

Having hiked rates by 25bp to 1.25% in September, the central messages from the BoJ were largely similar; upside price risks remained, real interest rates were still negative and further policy rate hikes should be expected.

Anthropic pledged $270 billion to Amazon, Google, and Microsoft. Here's who actually gets paid

Anthropic owes Amazon, Google, and Microsoft at least $269.4 billion for computing power, even if it uses less. All three sell its models and handle its billing, and Amazon and Google own stakes and lend it money, so they get paid regardless of how the IPO goes. The Dario Amodei-led Anthropic filed its initial public offering (IPO) on Monday, seeking a listing on the Nasdaq under the ticker ANT.