Gold Price Forecast: XAUUSD eyes $1,722 in the lead-up to FOMC Minutes

FXStreet Insights Team FXStreet

Gold Price attempts a rebound on Wednesday but is not out of the woods yet. Fed Minutes could open floors towards $1,722 for XAUUSD, FXStreet’s Dhwani Mehta reports.

More downside in the offing

“The US dollar is likely to regain its upside traction, as the FOMC June meeting’s minutes will support the Fed’s stance to move ‘expeditiously’ in order to control inflation. Should the Fed minutes reinforce expectations of a 75 bps July rate hike while leaving doors open for a 50 bps rise in September, then it would trigger another wave of risk-aversion, bolstering the haven bids for the buck.”

“Selling resurgence below the $1,750 key support will prompt bears to take on the rising channel measured target at $1,722.”

“Any meaningful recovery will need acceptance above the $1,785 support-turned-resistance. Further up, $1,800 the figure will be put to test. Daily closing above the channel support now resistance at $1,817 is critical to sustaining the renewed upside in the bright metal.”

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 retreats from weekly high vs firmer USD as focus shifts to BoE, US data

The GBP/USD pair struggles to capitalize on the previous day's strong move up to the weekly high and drifts lower during the Asian session on Thursday. Spot prices currently trade around mid-1.3300s, down over 0.10% for the day, and, for now, seem to have stalled the recovery move from a nearly four-week low, touched on Tuesday.

EUR/USD edges lower to near 1.1450 as Fed holds rates steady, traders await Eurozone and German GDP

The EUR/USD pair trades with mild losses around 1.1465 during the early Asian session on Thursday. The US Dollar edges higher against the Euro on a hawkish Federal Reserve rate hold. Traders brace for the preliminary readings of the Gross Domestic Product for the second quarter from Germany and the Eurozone.

Gold eyes $4,000 and US GDP amid fresh US-Iran tensions

Gold faces rejection once again above $4,100 in the aftermath of the Fed verdict-led volatility. The US Dollar pauses post-FOMC sell-off as the US launches fresh strikes on Iran. A daily closing above $4,100 and the RSI above 50 are needed to negate Gold’s bearish outlook.

Mixed signals leave XRP and XLM at crossroads

Ripple and Stellar are trading at critical technical levels on Thursday. XRP has stabilized above the psychological $1.00 support, while XLM is testing support at $0.173. Traders should be cautious as mixed derivatives metrics keep the outlook uncertain for both altcoins. Derivatives data shows mixed sentiment among traders. CoinGlass’ long-to-short ratio for XRP reads 1.02 on Thursday.

Fed review: Reversing course (?)

At face value, the FOMC's 9-3 split decision hold was exactly in line with the expectations we laid out in our Fed preview - a divided hold, 22 July. We also named the three dissenters - Hammack, Logan and Kashkari - as the most likely hawks to support rapid tightening.

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.