Gold Price News and Forecast: XAU/USD consolidate pullback from two-week high

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD wobbles above $1,950 as pre-Fed caution sneaks in

Gold keeps Tuesday’s pullback from the early-September high while taking rounds to $1,954/55 during the initial hours of Wednesday’s Asian session. The yellow metal earlier cheered the improved market sentiment but stepped back on the US dollar strength. Also weighing on the bullion could be the cautious mood of traders ahead of the Federal Open Market Committee (FOMC) meeting.

XAU/USD

Overview
Today last price	1956.27
Today Daily Change	2.04
Today Daily Change %	0.10
Today daily open	1954.23

Trends
Daily SMA20	1943.52
Daily SMA50	1926.25
Daily SMA100	1828.95
Daily SMA200	1707.49

Levels
Previous Daily High	1972.23
Previous Daily Low	1948.48
Previous Weekly High	1966.54
Previous Weekly Low	1906.62
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1957.55
Daily Fibonacci 61.8%	1963.16
Daily Pivot Point S1	1944.4
Daily Pivot Point S2	1934.56
Daily Pivot Point S3	1920.65
Daily Pivot Point R1	1968.15
Daily Pivot Point R2	1982.06
Daily Pivot Point R3	1991.9

Will The FOMC Drive Gold Prices Higher or Lower? [Video]

The biggest market-moving event, that traders will be closely monitoring this week – is the outcome of the U.S Federal Reserve's two-day policy meeting, which is due to end on Wednesday, 16 September.

Last month, the Fed announced that the central bank’s inflation target could exceed 2%, which would drive inflation slightly higher, whilst keeping interest rates lower for longer. There is a huge focus on this event, as it’s the Fed’s last meeting prior to the U.S Presidential Election.

AUD/USD remains below 0.7000 amid light trading

AUD/USD fills a modest bearish gap on Monday, but remains below 0.7000 in the Asian session amid holiday-thinned liquidity. The US Dollar attempts a bounce even as US bond yields pull back from multi-year highs, limiting the pair. Moreover, diminishing odds of another RBA rate hike in November cap the Aussie.

USD/JPY hovers above 158.00 amid Japan/ US holiday

USD/JPY extends its range-bound price action into a new week, trading above 158.00 as bulls remain on high alert amid speculation that authorities will step in to prop up the Japanese Yen. Meanwhile, softer US bond yields keep US Dollar bulls on the back foot and cap the pair's upside. However, geopolitical uncertainties could limit losses for the safe-haven buck amid thin liquidity due to a holiday in Japan and the US.

Gold sticks to modest losses; seems vulnerable below $4,200 on Fed hike bets

Gold extends its intraday retracement slide from a one-week high, hitting a fresh daily low around $4,170 during the early European session. The US Dollar attracts fresh buyers after a modest downtick amid the US Federal Reserve's hawkish outlook, which, in turn, is seen as weighing on the non-yielding bullion.

Pi Network Price Forecast: PI defends $0.0800 support as selling pressure mounts

Pi Network is trading in the red on Monday, hovering above $0.0800 as selling pressure mounts. PI token’s speculative demand is easing, with Open Interest below $9 million despite rising social chatter, hinting at panic-driven buzz among investors. The technical outlook for PI suggests a bearish bias, with the risk of breaking below the $0.0800 support level.

USD/INR: Deep in red below 96.00 as RBI rescues Indian Rupee

After opening significantly higher against the US Dollar (USD) on Monday, the Indian Rupee (INR) clings to recovery gains near 95.80. The pair remains undermined by the Reserve Bank of India’s (RBI) fresh measures to curb US Dollar demand, which has brought relief for the Indian currency.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?