Gold retreats from over 1-week tops, holds above $1330 level

Haresh Menghani FXStreet

• Improving risk appetite now seemed to cap gains.
• US CPI/monthly retails sales to provide fresh impetus.

Gold trimmed some of its early gains to 6-day tops but has still managed to hold with minor gains for the third consecutive session.

Spot prices touched an intraday high near the $1337 region and the up-move was being supported by some follow-through US Dollar weakness, which tends to underpin demand for dollar-denominated commodities - like gold.

This coupled with weaker tone around the US Treasury bond yields remained supportive of the bid tone surrounding the non-yielding commodity.

However, a positive opening around European equity markets did little to boost the precious metal's safe-haven appeal and was now seen capping any additional gains, at least for the time being.

It would now be interesting to see if the current dip is being bought into or the retracement points to an end of the metal's recovery move from last week's 1-month lows.

Today's key focus would remain on the US macro releases - the latest consumer inflation figures and monthly retail sales, which might influence March Fed rate hike expectations and eventually provide some fresh directional impetus.

Technical levels to watch

A follow-through retracement is likely to find immediate support near $1326 horizontal level, below which the downfall could get extended back towards $1320 level en-route $1315-14 support zone.

On the upside, sustained move beyond $1335 level is likely to lift the commodity further beyond $1340-42 hurdle towards retesting $1348-50 supply zone.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD shifts its attention to 1.1900 and above

EUR/USD has shaken off Tuesday’s dip, pushing back beyond the 1.1800 mark amid decent gains as Wednesday’s session draws to a close. The rebound is largely driven by a modest pullback in the US Dollar, as markets digest the aftermath of President Trump’s SOTU speech and continue to monitor trade-related headlines and signals from the White House.

GBP/USD challenges multi-day highs near 1.3530

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a modest decline in the Greenback and a generalised improved mood in the risk-linked space. Meanwhile, the US tariff narrative continues to dictate the mood among market participants after Presidet Trump’s SOTU speech failed to surprise markets.

Gold remains bid and close to $5,200

Gold buyers are returning to the fold on Wednesday, targeting the $5,200 area and possibly beyond, after Tuesday’s corrective dip from monthly highs. The rebound in the precious metal comes as the US Dollar loses traction, with Trump’s SOTU speech offering little fresh direction and AI-related nerves continuing to ease.

UK financial watchdog advances stablecoin oversight as four firms pilot issuance

The Financial Conduct Authority (FCA) in the United Kingdom (UK) is advancing toward the final stablecoin regulatory framework with a pilot program involving four companies, including Monee, Financial Technologies ReStabilise, Revolut and VVTX.

Nvidia earnings to influence AI trade and broader market sentiment

For the last three years, Nvidia has been the engine of the AI boom, and now Wall Street is watching to see whether that momentum can keep going. High-growth stocks have been struggling to maintain their bullish trend in 2026.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.