- Wall Street tumbles, dollar extends recovery and crude oil collapses.
- XAU/USD rebounds from one-week lows and prints daily highs.
Gold prices turned positive during the American session after making a sharp intraday reversal. XAU/USD dropped earlier on Tuesday to $1,906/oz, reaching the lowest level since August 26. Over the last three hours, it rose more than $30, climbing back above $1,930. As of writing, it is trading at daily highs around $1,934.
From a technical perspective, some bearish pressure is still seen in gold as it continues to make lower lows but it remains above the $1,900/10 critical support. A break lower would suggest more losses ahead, targeting the August low at $1,860.
On the upside, above the $1,935 zone, the next resistance stands at $1,945. It XAU/USD rises further it would remove the bearish short-term term bias suggesting it could continue toward the next resistance at $1,950.
On Tuesday, Wall Street is falling sharply again, and also crude oil prices. The US dollar pulled back but is still mostly higher across the board. Despite the recovery of the greenback, gold holds relatively well, not far from where it traded six days ago: during the same period of time, the DXY rose from two –year lows at 91.70 to 93.30.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to gains above 1.0400 ahead of US data
EUR/USD stays in positive territory above 1.0400 in the second half of the day on Tuesday. The data from the Euro area showed that the annual HICP inflation rose to 2.4% in December, as expected. Investors await ISM Services PMI and Job Openings data from the US.
GBP/USD retreats from weekly highs, trades below 1.2550
GBP/USD loses its traction and trades below 1.2550 after rising toward 1.2600 earlier in the day. The cautious market stance helps the US Dollar (USD) limit its losses and caps the pair's upside as focus shifts to key macroeconomic data releases from the US.
Gold recovers to $2,650 area, struggles to gather momentum
Following Monday's indecisive action, Gold gains traction and rises to the $2,650 area. With the benchmark 10-year US Treasury bond yield holding above 4.6% ahead of key US data releases, however, XAU/USD struggles to gather bullish momentum.
Injective Price Prediction: INJ 3.0 upgrade reduces the token supply
Injective price extends its gains for the seventh day in a row, trading above $26 on Tuesday after rallying more than 25% the previous week. The announcement of the INJ 3.0 upgrade on Sunday, which focuses on significantly decreasing the token supply, could further fuel the ongoing rally.
Five fundamentals for the week: Nonfarm Payrolls to keep traders on edge in first full week of 2025 Premium
Did the US economy enjoy a strong finish to 2024? That is the question in the first full week of trading in 2025. The all-important NFP stand out, but a look at the Federal Reserve and the Chinese economy is also of interest.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.