Gold Price Forecast: XAU/USD struggling to hold on to $1,915

Gold buyers are struggling to hang on to $1,915.00 for Monday.
A well-bid US Dollar is seeing the XAU/USD flounder into recent lows.
Analysts see Gold reaching $2,200 by the end of the year, but policy risks remain.

Joshua Gibson FXStreet

The XAU/USD took a step lower on Monday, knocking into $1,915.00 and seeing little relief pressure as the US Dollar (USD) catches bids across the board.

Spot gold prices have steadily drifted lower in 2023, peaking just below $2,080.00 back in early May. The XAU/USD is down almost 8% from the year's high, but still remains well-supported looking long-term, with Gold up nearly 20% from last October's lows of $1,650.00

Gold's long-standing relationship with US Treasury yields has softened in recent months; while the yellow metal has a tendency to closely track with US yields, that relationship has broken down for most of 2023. US yields have appreciated considerably, but Gold remains unable to capitalize on bond momentum.

$2,000 by end-2023, $2,200 by end-2024?

Despite downward price pressure, analysts are forecasting lofty end-of-year Gold spot valuations.

Commodity analysts from Société Générale (SocGen) see Gold capped under $2,000 to end the trading year, but 2024 is expected to see Gold prices improve to $2,200 by the end of 2024, on the back of easing inflation expectations and a slipping US Dollar Index.

XAU/USD technical outlook

Hourly candles see Gold flubbing to last week's swing lows below $1,915.00, while the upside is set to be constrained by near-term resistance from the 100-hour Simple Moving Average (SMA) near $1,925.00.

On the daily candlesticks, the XAU/USD is seeing a notable lack of meaningful momentum, with Gold stuck near the 200-day SMA which is still moving bullish into $1,930.00.

Bidders will be looking to shove Gold back above $,1930.00 to continue a push higher, while sellers will be looking to take the XAU/USD down to August's lows below $1,890.00.

XAU/USD daily chart

XAU/USD technical levels

XAU/USD

Overview
Today last price	1915.68
Today Daily Change	-9.58
Today Daily Change %	-0.50
Today daily open	1925.26

Trends
Daily SMA20	1925.97
Daily SMA50	1930.03
Daily SMA100	1942.27
Daily SMA200	1925.57

Levels
Previous Daily High	1929.16
Previous Daily Low	1919.52
Previous Weekly High	1947.47
Previous Weekly Low	1913.95
Previous Monthly High	1966.08
Previous Monthly Low	1884.85
Daily Fibonacci 38.2%	1925.48
Daily Fibonacci 61.8%	1923.2
Daily Pivot Point S1	1920.13
Daily Pivot Point S2	1915.01
Daily Pivot Point S3	1910.49
Daily Pivot Point R1	1929.77
Daily Pivot Point R2	1934.29
Daily Pivot Point R3	1939.41

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

EUR/USD rebounds from session lows, stays below 1.1650

EUR/USD is recovers modestly from session lows but remains in the red below 1.1650 in European trading on Thursday. The pair faces headwinds from a renewed uptick in the US Dollar amid a negative shift in risk sentiment. Surging energy prices due to the Middle East war keep the bearish pressure intact on the Euro. The US Jobless Claims data are next of note.

GBP/USD stays weak near 1.3350 amid UK stagflation risks

GBP/USD sticks to losses near 1.3350 in the European session on Thursday. The Pound Sterling loses ground amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, while the US Dollar attracts fresh havem demand ahead of the US Jobless Claims data.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Three reasons to be bearish on Bitcoin

Bitcoin is holding up well taking into account the uncertainty stemming from the Middle East. Despite this week’s rally, the long-term outlook remains bearish. Here are three reasons why I think the storm for the largest cryptocurrency isn't over yet.

FX alert: When Energy still writes the macro script the Dollar holds the pen

The market is quietly sliding back into the trade nobody wanted to own, but everyone now has to respect again. The no quick off-ramp trade. Yesterday’s bounce in risk assets already looks less like a turning point and more like a classic relief rally in a market that briefly inhaled before realizing the room was still on fire.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.