Gold Price Forecast: XAU/USD could witness a profit-taking decline amid repositioning ahead of key US NFP

FXStreet Insights Team FXStreet

Gold price is correcting from the highest level since March 2022 reached at $2,032 on Wednesday. XAU/USD could see dip-buying following a pennant breakout on the 1D chart, FXStreet’s Dhwani Mehta reports.

Pre-US NFP repositioning could sideline XAU/USD buyers

“Gold price is retreating toward the $2,000 mark, below which the pennant resistance-turned-support at $1,988 will be challenged. The next critical line of defense for Gold buyers is seen at the confluence of Tuesday’s low and the pennant support near $1,975.”

“Should Gold bulls jump back into the game, the upside would resume toward the $2,020 figure. Bulls will then reattempt the yearly top at $2,032. Acceptance above the latter is needed to make fresh headways toward the pennant target measured at $2,043. However, the Gold price action is likely to remain choppy ahead of Friday’s US Nonfarm Payrolls data.”

See – Gold Price Forecast: XAU/USD to eye $2,300 on a sustained break above $2,070/75 record highs – Credit Suisse

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.

GBP/USD consolidates gains, holds above 1.3600

GBP/USD stays in a consolidation phase above 1.3600 on Monday following the previous week's impressive rally. The US Dollar recovers ground due to uncertainty over the potential impact of US economic sanctions' against Iran on energy prices, leaving the risk-sensitive pair on the backfoot.

EUR/USD stays below 1.1700 as markets turn cautious

EUR/USD stays on the back foot and trades below 1.1700 after posting strong gains in the previous week. The pair struggles as the US Dollar attempts a tepid recovery following last week's sell-off that was triggered by the US Treasury's change to bond buyback plan. Meanwhile, investors cling to a cautious stance, awaiting this week's key events and details surrounding the US' economic sanctions package against Iran.

Gold extends rally to fresh three-month high above $4,650

Gold (XAU/USD) extends its advance on Monday, building on the strong rally seen last week following the US Treasury’s buyback announcement and trading at its highest level since May near $4,650.

Here's what I learned trading meme coins

I’ve been trading cryptocurrencies for the past seven years, with meme coins becoming one of the most exciting and implacable parts of my experience. I love them because they represent internet culture and community sentiment, and, let’s be honest, extreme speculation. Newly launched meme coins were especially tempting: get in early enough, I thought, and a small bet could turn into a huge return.

The week ahead: Jackson Hole and Nvidia results to take focus away from Trump

We start the week with the focus squarely on the US. Rising Treasury yields, the Jackson Hole Symposium, inflation and GDP data, along with tariff risks, will dominate market action in the coming days.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.