Gold trading weak amid renewed USD strength

Haresh Menghani FXStreet

Gold traded with mild negative bias on Tuesday and dropped to the lower end of a 4-day old trading range.

Currently trading around $1233 level, hawkish comments from Philadelphia Federal Reserve Bank President Patrick Harker, hinting towards possibility of a Fed rate-hike action in March, was seen weighing on the non-yielding precious metal.

Moreover, growing prospects of an eventual Fed rate-hike action triggered a fresh wave of up-move in the US Treasury bond yields and underpinned resurgent US Dollar strength, eventually denting demand for dollar-denominated commodities - like gold.

Furthermore, reviving investors' appetite for riskier assets drove flows away from perceived safe-haven assets and also collaborated to the yellow metal's offered tone ahead of a slew of speeches from various FOMC members on Tuesday and the minutes of the latest FOMC meeting on Wednesday.

Technical levels to watch

From current levels, $1230 level is likely to protect immediate downside below which the slide could get extended towards $1225 intermediate support ahead of 100-day SMA support near $1215 region.

On the upside, momentum above $1240 level might continue to confront resistance at multi-month highs near $1245 region, which if cleared decisively is likely to accelerate the up-move beyond $1250 hurdle towards testing the very important 200-day SMA resistance near $1260-62 region.

1. R3 1234.92
2. R2 1234.82
3. R1 1234.60
PP 1234.50
1. S1 1234.28
2. S2 1234.18
3. S3 1233.96

Author

Haresh Menghani

FXStreet

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

GBP/USD stays weak near 1.3250 on resurgent USD demand

GBP/USD stays weak near 1.3250 in European trading on Tuesday, reversing a part of the previous day's advance to a one-week high. The pair ditches a three-day winning streak, undermined by the USD/JPY upsurge-led broad US Dollar rebound. US jobs data in next in focus.

EUR/USD stays below 1.1400 after soft German inflation data

EUR/USD stays on the back foot and trades in negative territory below 1.1400 on Tuesday, looking to snap a three-day winning streak amid a firmer US Dollar. Softer-than-expected June inflation readings from Germany make it even more difficult for the Euro to stay resilient against the USD.

Gold rebounds after hitting fresh 2026-low, trades above $4,000

Gold (XAU/USD) builds on its intraday recovery from the lowest level since November 2025, touched below $3,950 earlier this Tuesday, and trades marginally higher on the day above $4,000. Any meaningful appreciation still seems elusive in the wake of a broadly firmer US Dollar. Against the backdrop of renewed Mideast tensions, mixed signals on US-Iran talks assist the USD and limit XAU/USD's upside.

Ripple defends critical support, Stellar extends recovery

Ripple (XRP) trades around the key $1.00 psychological level, consolidating as the token awaits its next directional catalyst. Stellar (XLM) extends its recovery above $0.178 after posting modest gains at the start of this week.

US JOLTS Job Openings expected to show strong labor demand, endorsing Fed rate hike bets

The US Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey for May on Tuesday at 14:00 GMT. Job openings are expected to come in at 7.3 million in May.

Kevin Warsh isn't expected to say much in Sintra: That's exactly why markets will listen

Financial markets could find an important catalyst in the enchanting, fairytale-like landscape of Sintra this week. The ECB Forum will, as it does every year, gather the crème de la crème of central banks. The new boss at the Fed, who has clearly said that the Fed should stop explaining everything, will need to talk – and traders should listen.