Gold Price Forecast: XAUUSD set to suffer, eyes on $1,750 support again

FXStreet Insights Team FXStreet

Gold price witnessed a dramatic U-turn from monthly highs on Friday. XAU/USD could challenge $1,750, with big Fed rate hike bets back in play, FXStreet’s Dhwani Mehta reports.

July inflation report from the US will be the next significant catalyst

“Attention now turns towards the critical US inflation data due this Wednesday, which could likely cement a 75 bps Fed rate hike next month. The greenback could regain the upside traction amid unnerved markets and aggressive Fed tightening calls.”

“The renewed downside has opened up floors for a retest of the $1,750 psychological barrier. Ahead of that, buyers could challenge the August 3 high of $1,754.”

“Buyers need acceptance above the $1,800 mark to continue with its recovery momentum. The next stop for bulls is seen at the horizontal trendline resistance connecting the July 5 high at $1,812.”

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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 hits multi-week tops around 1.3560

GBP/USD gathers fresh steam and advances to new three-month peaks near the 1.3560 zone on Friday. Cable’s sharp move higher comes after three daily drops in a row and follows the increasing selling pressure hurting the Greenback.

EUR/USD pops to fresh two-month highs, targets 1.1600

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Gold picks up pace, approaches $4,400

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Pi Network Price Forecast: PI extends consolidation as bulls eye $0.10

Pi Network (PI) price holds steady on Friday, maintaining a consolidating tone for three consecutive days. Mild retail strength in the PI token remains stable, with Open Interest above $9 million, while social buzz eases. PI token’s technical outlook is mixed, as bearish momentum wanes to neutral, with bulls eyeing the $0.1000 psychological level.

Weekly focus: Some relief in US inflation concerns

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