Gold Price News and Forecast: XAU/USD approaches $1800/oz, at its highest since late February

FXStreet Team FXStreet

Gold unleashed – Rip your face off rally is here

S&P 500 had another day in the the red, and buy the dippers might be tempted to say enough is enough – but I am not convinced yet. The selling doesn‘t appear as over yet, and the premarket upswing stopped right below my tweeted target of 4,133, overcoming which would have flipped the entry into the U.S. session as bullish.

More of the same is expected for today – the bulls would need to demonstrate strength, which I am afraid won‘t convincingly happen right now. The VIX and options traders sense the shifting sands too. We‘re in the correction territory quite firmly now, and it isn‘t over by a long shot.

Gold Price Analysis: XAU/USD eyes $1800 as US dollar weakens

Gold gained more than $10 over the last hour and hit at $1797, the highest level since February 25. It then pulled back and it is hovering around $1790, up 0.65% for the day. Silver gains more than 2%.

A correction of the US dollar and lower US yields boosted metals sharply. Over the last minutes, yields rebounded, alleviating the bullish momentum of metals. The US 10-year yield bottomed at 1.55% and then rose to 1.58%. The US Dollar Index failed to holds onto the recent recovery and is back into negative territory, at 91.15.

GBP/USD extends the drop to 1.3360

GBP/USD builds on Monday’s decline and briefly clinches five-day lows near 1.3360 on Tuesday. Cable’s extra pullback follows the better tone in the Greenback as uncertainty in the Middle East prompts investors to adopt a cautious stance. Meanwhile, an apathetic UK labour market report also collaborates with the selling pressure on the British Pound.

EUR/USD stays offered just above 1.1400

EUR/USD keeps the downtrend well in place for yet another day, challenging the 1.1400 contention zone on Tuesday. The continuation of the selling impulse in spot comes amid decent gains in the US Dollar, which continues to find support in the persistent effervescence surrounding the US-Iran crisis.

Gold hits one-week high, near $4,100 as bulls shrug off Fed hike bets and firmer USD

Gold advances to an over one-week high during the Asian session on Wednesday, with bulls now awaiting a move beyond $4,100 before positioning for additional gains. However, concerns about energy-driven inflation risks continue to fuel Fed rate-hike bets and act as a tailwind for the US Dollar amid escalating US-Iran tensions, which, in turn, could cap the bullion.

XRP rebounds on rising on-chain activity

Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).

The Iranian war has again risen

The Iranian war has again risen to the top of the economics factor list. There is no end in sight. Intelligence experts say the current level of offense/retaliation will not change minds in Tehran, while in Washington, Trump fears all-out war, which would mean boots on the ground.

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.