Gold Price News and Forecast: XAU/USD retreats from session highs, eyes 5-day SMA support

FXStreet Team FXStreet

Gold: Uptrend expected to continue while it trades above 1929

Uptrend scenario

The uptrend may be expected to continue, while market is trading above support level 1929, which will be followed by reaching resistance level 1950 – 1965.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 1929, which will be followed by moving down to support level 1906.

Gold Price Analysis: XAU/USD retreats from session highs, eyes 5-day SMA support

Gold is trading near $1,952 per ounce, having put in a near two-month high of $1,955 early Wednesday.

The 4-hour chart shows a bearish divergence of the Relative Strength Index (RSI). The hourly chart RSI is also painting a similar picture. Meanwhile, the 14-day RSI is now reporting overbought conditions with an above-70 print for the first time since August.

GBP/USD sticks to red near 1.3650, eyes on Iran sanctions

GBP/USD trades with a negative bias around mid-1.3600s at the start of a new week on Monday. The US Dollar recovers ground due to uncertainty over potential US economic sanctions on Iran, leaving the risk-sensitive British Pound on the backfoot.

EUR/USD stays defensive below 1.1700 amid cautious markets

EUR/USD is trading defensively below 1.1700 in Monday's European trading. The pair struggles as the US Dollar attempts a tepid recovery following last week's US Treasury bond buyback plan-led sell-off. Markets remain unnerved amid US threats to impose economic sanctions on Iran, the details of which are expected to be announced later in the day.

Gold sits at three-month highs near $4,650

Gold is sitting close to its highest level in three months, near $4,650, in the European session on Monday. The precious metal capitalizes on persistent US Dollar weakness, following the US Treasury's buyback plan amid fresh US-Canada trade tensions. Traders await Iran sanction details for further impetus.

Here's what I learned trading meme coins

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The week ahead: Jackson Hole and Nvidia results to take focus away from Trump

We start the week with the focus squarely on the US. Rising Treasury yields, the Jackson Hole Symposium, inflation and GDP data, along with tariff risks, will dominate market action in the coming days.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.