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 retakes 1.1800 on renewed USD weakness

EUR/USD gains ground after three days of losses, re-attempting 1.1800in the European trading hours on Thursday. The US Dollar sees fresh selling interest across the board, despite hawkish Fed Minutes, as the market mood improves and supports the pair. US Jobless Claims data, Fedspeak and geopolitics remain in focus.

GBP/USD recovers above 1.3500 amid better mood

GBP/USD finds fresh demand and rises back above 1.3500 in the European session on Thursday. Improving risk sentiment and renewed US Dollar weakness are helping the pair recover ground ahead of mid-tier US data releases and Fedspeak.

Gold clings to gains above $5,000 amid safe-haven flows and Fed rate cut bets

Gold sticks to modest intraday gains, above the $5,000 psychological mark, through the first half of the European session, though it lacks bullish conviction amid mixed cues. The third round of US-mediated negotiations between Ukraine and Russia concluded in Geneva on Wednesday without any major breakthrough.

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.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.