Gold Price News and Forecast: XAU/USD

FXStreet Team FXStreet

XAU/USD analysis: Gold is above 1,740

On Tuesday, the XAU/USD exchange rate reversed north from the 100-hour SMA. During today's morning, the rate was trading at the 1,750.00 mark.

It is likely that yellow metal could gain support from the 55-hour moving average near 1,744.00 and continue to appreciate against the US Dollar in the short run. In this case the rate could target the upper line of the rising wedge pattern and the monthly R1 at 1,770.00.

Gold flat-lined below $1750 level, FOMC minutes eyed for fresh impetus

Gold edged lower during the early North American session and refreshed daily lows, around the $1743-42 region, albeit lacked any strong follow-through.

A combination of diverging forces failed to provide any meaningful impetus or assist the precious metal to build on the overnight positive move, instead led to a subdued/range-bound trading action on Wednesday.

XAU/USD

Overview
Today last price	1750.1
Today Daily Change	5.07
Today Daily Change %	0.29
Today daily open	1745.03

Trends
Daily SMA20	1713.79
Daily SMA50	1656.43
Daily SMA100	1619.95
Daily SMA200	1556.34

Levels
Previous Daily High	1748.01
Previous Daily Low	1725.96
Previous Weekly High	1751.8
Previous Weekly Low	1690.05
Previous Monthly High	1747.82
Previous Monthly Low	1568.46
Daily Fibonacci 38.2%	1739.59
Daily Fibonacci 61.8%	1734.38
Daily Pivot Point S1	1731.32
Daily Pivot Point S2	1717.62
Daily Pivot Point S3	1709.27
Daily Pivot Point R1	1753.37
Daily Pivot Point R2	1761.72
Daily Pivot Point R3	1775.42

Gold: Uptrend expected to continue if it rises above 1757.6

Uptrend: The uptrend may be expected to continue in case the market rises above resistance level 1757.6, which will be followed by reaching resistance level 1764.2 and 1775.

Downtrend: A downtrend will start as soon, as the pair drops below support level 1749.5, which will be followed by moving down to support level 1742.4 - 1738.

EUR/USD trims some losses, back to 1.1770

EUR/USD remains on the back foot on Thursday, managing to regain some composure and reclaim the 1.1770 region after bottoming out near 1.1740 earlier in the day. The pair’s daily retracement comes as the US Dollar extends its recovery, buoyed by another round of solid US data that has reinforced the Greenback’s underlying strength and kept buyers firmly in control.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.