Gold Price News and Forecast: XAU/USD consolidate pullback from two-week high

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD wobbles above $1,950 as pre-Fed caution sneaks in

Gold keeps Tuesday’s pullback from the early-September high while taking rounds to $1,954/55 during the initial hours of Wednesday’s Asian session. The yellow metal earlier cheered the improved market sentiment but stepped back on the US dollar strength. Also weighing on the bullion could be the cautious mood of traders ahead of the Federal Open Market Committee (FOMC) meeting.

XAU/USD

Overview
Today last price	1956.27
Today Daily Change	2.04
Today Daily Change %	0.10
Today daily open	1954.23

Trends
Daily SMA20	1943.52
Daily SMA50	1926.25
Daily SMA100	1828.95
Daily SMA200	1707.49

Levels
Previous Daily High	1972.23
Previous Daily Low	1948.48
Previous Weekly High	1966.54
Previous Weekly Low	1906.62
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1957.55
Daily Fibonacci 61.8%	1963.16
Daily Pivot Point S1	1944.4
Daily Pivot Point S2	1934.56
Daily Pivot Point S3	1920.65
Daily Pivot Point R1	1968.15
Daily Pivot Point R2	1982.06
Daily Pivot Point R3	1991.9

Will The FOMC Drive Gold Prices Higher or Lower? [Video]

The biggest market-moving event, that traders will be closely monitoring this week – is the outcome of the U.S Federal Reserve's two-day policy meeting, which is due to end on Wednesday, 16 September.

Last month, the Fed announced that the central bank’s inflation target could exceed 2%, which would drive inflation slightly higher, whilst keeping interest rates lower for longer. There is a huge focus on this event, as it’s the Fed’s last meeting prior to the U.S Presidential Election.

EUR/USD tests 1.1800 barrier above 50-day EMA

EUR/USD gains ground after three days of losses, trading around 1.1790 during the Asian hours on Thursday. The 14-day Relative Strength Index momentum indicator at 47 (neutral) reflects easing momentum. The RSI below 50 keeps momentum balanced and could limit follow-through.

GBP/USD struggles near four-week low vs. USD, below 1.3500 amid BoE rate cut bets

The GBP/USD pair is seen consolidating its weekly losses registered over the past three days and oscillating in a narrow range near a four-week trough, touched during the Asians session on Thursday. Spot prices currently trade just below the 1.3500 psychological mark and seem vulnerable to slide further.

Gold consolidates below $5,000 amid geopolitical risk, hawkish FOMC Minutes

Gold extends its sideways consolidative price move through the Asian session on Thursday and remains below the $5,000 psychological mark as traders seem hesitant amid mixed cues. The US Dollar preserves its strong gains to over a one-week high in the wake of somewhat hawkish Minutes of the US Federal Reserve’s January monetary policy meeting.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments. The technical outlook suggests further gains if INJ breaks above key resistance.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.