Gold Price News and Forecast: XAU/USD has pulled back further and trades 1% lower on the session on Tuesday

FXStreet Team FXStreet

Gold Price Analysis: The support zones are in sight

Equities have moved further into the red today as the S&P, Nasdaq and Dow are all lower following a negative session from the EU bourses. The issue for gold is the dollar strength as it trades around 0.23% higher pushing demand for the precious metal lower. Interestingly the fall in gold is much less than that of the indices. The general risk theme has been dominated by the drop in the price of oil. Both WTI and Brent fell heavily into the futures roll and yesterday the May WTI futures contract fell into negative territory. Gold could then rise as the market paradigm shift in the future and the dollar strength eases but this could take some time.

Gold: Is weakness supported? Does momentum improve? [Video]

The corrective conditions are still in place on gold. The question is whether the move has played out in its entirety yet. We continue to view near term corrections as a chance to buy on gold. Looking back at the price action on previous moves lower on gold, during normal market conditions, the selling pressure has been limited before the buyers have moved to support. The only times where significant lurches lower have been seen have been when significant strain has hit through equities, with margin call related selling associated with gold.

GBP/USD defends 1.3300 after strong UK PMI data

Following Thursday's sharp decline, GBP/USD clings to small gains above 1.3300 in the American session on Friday, supported by the upbeat UK Retail Sales and July PMI data. Nevertheless, the pair's upside remains capped as investors cling to a cautious stance amid a further escalation of tensions in the Middle East. The US July PMI data failed to trigger relevant price action.

EUR/USD remains below 1.1400 after mixed US PMIs

EUR/USD pressures daily lows below the 1.1400 mark in the American session on Friday. Mixed S&P Global PMIs, as manufacturing output contracted while services activity expanded in July, triggered no relevant market reaction. The focus remains in Middle East developments and inflation-related concerns.

Gold holds above $4,050 but momentum still missing

Gold builds on its modest intraday bounce and climbs above the $4,050 level on Friday, hitting a fresh daily high amid a modest US Dollar pullback. The fundamental backdrop, however, warrants some caution before confirming that the pullback from an over two-week high, touched on Wednesday, has run its course and positioning for any meaningful upside.

Ethereum: Derivatives interest in ETH improves, but signs of caution remain

Ethereum is hovering slightly below the $1,900 level, down 3% on Thursday following a slight expansion in derivatives interest. The top altcoin's open interest has increased to 14.60 million ETH, marking a 600K ETH increase over the past two days and its highest level since June 7.

XRP retreats as ETF interest cools

Ripple (XRP) slides toward the short-term $1.10 support on Friday, as broader crypto market sentiment weighs on crypto assets. The sell-off mainly stems from fears of inflation in the United States (US) amid the ongoing war in the Middle East and rising Oil prices.

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.