Gold Technical Analysis: Poised to extend the ongoing positive momentum to 6-1/2 month tops

Haresh Menghani FXStreet

• The precious metal built on this month's goodish up-move of around 5.0% and is currently placed at fresh 6-1/2 month tops, around the $1284 region.

• A sustained move beyond 200-DMA, for the first time since mid-May 2018, was seen as a key trigger behind the recent upsurge over the past week or so.

• This followed by last week's bullish breakthrough near 1-1/2-month-old ascending trend-channel reinforced the bullish outlook and sets the stage for additional gains.

• Hence, a follow-through move, towards testing 61.8% Fibonacci retracement level of the $1365-$1160 April to August downfall, now looks a distinct possibility.

• Technical indicators on the daily chart are already pointing to slightly overbought conditions and might turn out to be the only factor capping any further up-move.

Gold daily chart

XAU/USD

Overview:
    Today Last Price: 1283.36
    Today Daily change: 3.2e+2 pips
    Today Daily change %: 0.250%
    Today Daily Open: 1280.16
Trends:
    Previous Daily SMA20: 1251.14
    Previous Daily SMA50: 1233
    Previous Daily SMA100: 1219.64
    Previous Daily SMA200: 1229.47
Levels:
    Previous Daily High: 1284.7
    Previous Daily Low: 1274.35
    Previous Weekly High: 1284.7
    Previous Weekly Low: 1258.1
    Previous Monthly High: 1237.4
    Previous Monthly Low: 1196.4
    Previous Daily Fibonacci 38.2%: 1280.75
    Previous Daily Fibonacci 61.8%: 1278.3
    Previous Daily Pivot Point S1: 1274.77
    Previous Daily Pivot Point S2: 1269.39
    Previous Daily Pivot Point S3: 1264.42
    Previous Daily Pivot Point R1: 1285.12
    Previous Daily Pivot Point R2: 1290.09
    Previous Daily Pivot Point R3: 1295.47

Author

Haresh Menghani

FXStreet

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

AUD/USD bounces back toward 0.6950 on fresh USD supply

AUD/USD bounces back toward 0.6950 in the Asian session on Friday. The US Dollar retreats from 17-month highs as traders take profits off the table ahead of the all-important US Nonfarm Payrolls report. Meanwhile, the Australian Dollar draws support from reviving expectations of a November interest rate hike amid elevated global yields and inflation risks.

USD/JPY struggles near 158.00 as USD retreats ahead of NFP

USD/JPY is struggling for fresh impetus near 158.00, moving away from the top end of its weekly range in the Asian session on Friday, after hotter-than-expected Tokyo CPI and amid a broad US Dollar retreat. Traders reposition themselves ahead of US Nonfarm Payrolls.

Gold fades the earlier optimism; back below $4,200

Gold could not sustain the post-NFP bull run past the $4,200 mark per troy ounce, receding toward the $4,180 region at the end of the week. The precious metal’s inconclusive price action comes amid fresh selling pressure hurting the US Dollar as investors assess the latest NFP data.

Week ahead: Fed minutes in the spotlight amid bond market rout

The first full week of October and the final quarter of the year get underway with little fanfare in terms of the economic agenda. But far from being short on excitement, the coming week will test market nerves, as government bond yields continue to soar on growing worries that the energy crisis will only get worse, fuelling inflation.

CFTC Report: Speculators turn more defensive as Oil exposure falls

The week in one sentence: During the week leading up to September 29, long positions in crude oil were significantly reduced, while short positions in the Canadian Dollar went up. In addition, the positioning of the Australian Dollar and the Japanese Yen declined, while Coffee buying stood out against a more general background of defensiveness.

The Euro is near a one-year low: Inflation could trigger its rebound, not its fall

EUR/USD has fallen to its lowest level since May 2025. The pair hit 1.1312 on Wednesday and trades well below the January peak of 1.2082. The decline reflects a powerful combination of US Dollar strength, geopolitical uncertainty and renewed concerns about Europe's exposure to higher energy prices.