Forming an Uptrend Channel (Chart)

  • Gold prices are trading higher today, Thursday, reaching a two-week high of $2345 an ounce as slowing US economic performance has raised expectations that the Federal Reserve may cut interest rates this year.
  • According to the results of the economic calendar, data on Tuesday showed that US retail sales barely rose, indicating a decline in consumer sentiment.
  • This, along with recent labor market and price data indicating easing pressures, prompted the Federal Reserve to seek further confirmation of slowing inflation before cutting interest rates likely by the end of the year.

Gold Analysis Today 20/6: Forming an Uptrend Channel (graph)

Meanwhile, Chicago Federal Reserve President Austan Goolsbee described the latest reading of consumer price inflation as “excellent” on Tuesday and expressed optimism about further slowdown in inflation this year. Currently, investors are focusing on weekly unemployment claims due later in the day and purchasing managers’ indices on Friday for insights on consumption and economic strength.

On a gold market-impacting front, the DXY US Dollar Index is hovering around 105.3 today as US investors return from a one-day holiday, while markets look to further economic data for better guidance on expectations. US new housing starts, building permits, and initial jobless claims are scheduled for release today, Thursday, while S&P Globe’s manufacturing and services PMI reports are due out Friday.

Earlier this week, the US dollar came under pressure as weaker-than-expected US retail sales data reinforced bets that the Federal Reserve will be forced to cut US interest rates soon. Now, markets see a roughly two-thirds chance that the Fed will start easing policy in September, with rates expected to be cut twice this year.

Also, investors are looking ahead to the Bank of England’s policy decision later today, which is expected to hold rates steady before delivering its first rate cut in August.

Gold Price Forecast and Analysis Today:

According to the performance on the daily chart, the upward path of gold price is stronger. According to the performance on the daily chart, moving above the resistance of $2355 per ounce will be important for more bulls’ confidence and technical readiness for further upward movement. Moreover, expectations will return to the future of the psychological resistance of $2400 per ounce again if it moves first towards the resistance of $2375. Increased global geopolitical tensions and more central bank purchases of gold may increase its momentum to move towards that. Finaly, we still prefer to buy gold from every downward level.

Ready to trade our Gold forecast? We’ve shortlisted the most trusted Gold brokers in the industry for you. 

Source link

Visited 9 times, 1 visit(s) today

Related Article

image

EUR/USD Forex Signal 23/02: US Tariff Confusion (Chart)

Created on February 23, 2026 My previous EUR/USD signal last Thursday produced a nicely profitable short trade from the bearish rejection of $1.1805 by an hourly pin bar. Risk 0.75%. Trades may be entered prior to 5pm London time today. Go short following a bearish price action reversal on the H1 timeframe immediately upon the

Waller’s Shift Helps Dollar Recover from Early Losses

Waller’s Shift Helps Dollar Recover from Early Losses

Dollar stabilized and recovered notably in early US trading after an initial selloff, supported by remarks from Fed Governor Christopher Waller. Waller, widely regarded as one of the more dovish voices on the Federal Reserve Board, signaled that the case for holding rates in March has strengthened following robust January employment data. Waller was one

AUD/USD and NZD/USD Flash Early Signs of Bullish Recovery

AUD/USD and NZD/USD Flash Early Signs of Bullish Recovery

AUD/USD is attempting a fresh increase from 0.7015. NZD/USD is consolidating and could aim for a move above 0.6000 in the short term. Important Takeaways for AUD/USD and NZD/USD Analysis Today The Aussie Dollar remained supported above 0.7000 and recovered losses against the US Dollar. There was a break above a key declining channel with

USD/CAD Analysis Following Changes in US Tariff Policy

USD/CAD Analysis Following Changes in US Tariff Policy

Currency markets opened on Monday with the US dollar under pressure, as traders assessed weekend developments related to US tariff policy. According to Reuters: → On Friday, the Supreme Court ruled that President Trump’s sweeping tariffs exceeded his authority. → In response, the US president criticised the court and introduced a blanket 15% import levy.

EUR/USD Weakness Persists — Markets Brace for Next Leg Lower

EUR/USD Weakness Persists — Markets Brace for Next Leg Lower

Key Highlights EUR/USD started a fresh decline from 1.1925 and dipped below 1.1840. A key declining channel is forming with resistance at 1.1815 on the 4-hour chart. GBP/USD is again moving below the 1.3600 support. Gold could aim for a fresh move toward $5,300. EUR/USD Technical Analysis The Euro failed to settle above 1.1900 against

Tariff chaos and war risk put 5,530 in sight for Gold; Silver eyes 94+

Tariff chaos and war risk put 5,530 in sight for Gold; Silver eyes 94+

Gold and silver extended their surge into early week trading, propelled by a “perfect storm” of US tariff confusion and escalating Middle East tension. The move defied earlier bearish expectations and marked a clear resumption of the rebound that began in early February. In the near term, Gold’s decisive move back above 5,000 pscyholgoical level

image

EUR/USD Forecast Today 22/02: Set to Rebound (Chart)

Created on February 22, 2026 The EUR/USD exchange rate remained in a narrow range after a series of important events and macro data. It was trading at 1.1780, down from the year-to-date high of 1.2095. Geopolitical Tensions and Macro Data The EUR/USD pair retreated after the Supreme Court ruled against Donald Trump’s tariffs on Friday.

image

USD/JPY Forex Signal 22/02: Weekly Forex Forecast

Weekly Forex Forecast – USD/JPY, AUD/USD, WTI Crude Oil, S&P 500 Index, Bitcoin, Gold WTI Crude Oil tested long-term highs as the outbreak of war looms over the Persian Gulf, while the Japanese Yen gave up some of its gains and precious metals continued their recovery. Fundamental Analysis & Market Sentiment I wrote on the

FX week in review: iFOREX IPO, Plus500 execs sell, Prop Firm launches broker

FX week in review: iFOREX IPO, Plus500 execs sell, Prop Firm launches broker

How much money did Retail FX and CFDs broker iFOREX raise in its initial public offering on the London Stock Exchange? At what valuation? What are iFOREX’s key metrics – revenue, profit, active clients, key geos…? Which Plus500 senior executives cashed out more than $90 million in company stock? Which is the latest retail prop

USD/CHF Daily Outlook - ActionForex

USD/CHF Daily Outlook – ActionForex

Daily Pivots: (S1) 0.7726; (P) 0.7745; (R1) 0.7768; More…. No change in USD/CHF’s outlook as price actions from 0.7603 are seen as a consolidation pattern in the larger down trend. Intraday bias remains neutral. While stronger rebound cannot be ruled out, upside should be limited by 55 D EMA (now at 0.7838) to complete the

GBP/JPY Marks a Major Top – Will It Revert to 200.00?

GBP/JPY Marks a Major Top – Will It Revert to 200.00?

GBP/JPY is a historically popular pair in Forex trading, as it is one of the most volatile products to trade and captures geographic dynamics and risk-on/risk-off flows. The pair once again stands at a key inflection point, right after a historic run back to 2008 levels, and can offer quite interesting setups amid elevated market

USD/JPY Daily Outlook - ActionForex

USD/JPY Daily Outlook – ActionForex

Daily Pivots: (S1) 154.58; (P) 154.96; (R1) 155.38; More… USD/JPY’s rally from 152.25 continues today and intraday bias stays on the upside for 157.65 resistance first. Break there will target a retest on 159.44 high. On the downside, below 154.33 minor support will turn intraday bias neutral and bring consolidations. Overall, with 38.2% retracement of

USD/JPY Weekly Outlook - ActionForex

USD/JPY Weekly Outlook – ActionForex

USD/JPY’s strong rebound last week suggests that fall from 157.65 has completed at 152.25. Initial bias is turned neutral this week firs. On the upside, above 155.63 will resume the rally from 152.25 and target 157.65 first. Overall, with 38.2% retracement of 139.87 to 159.44 at 151.96 intact, rise from 139.87 is expected to resume

EUR/USD Weekly Outlook - ActionForex

EUR/USD Weekly Outlook – ActionForex

EUR/USD’s fall from 1.2081 extended lower last week but recovered after hitting 1.1740. Initial bias is turned neutral this week first. But risk will stay on the downside as long as 1.1928 resistance holds. Below 1.1740 will target 1.1576 support next. Firm break there should confirm rejection by 1.2 key psychological level and turn near

Forex market volatility analysis showing PMI reports and US GDP data impact on currency trading

PMI Reports and US GDP Data Trigger Critical Market Movements

BitcoinWorldForex Volatility Surge: PMI Reports and US GDP Data Trigger Critical Market Movements Global currency markets brace for significant volatility this week as Purchasing Managers’ Index (PMI) reports from major economies and crucial US Gross Domestic Product (GDP) data converge to create potentially market-moving conditions. Forex traders worldwide monitor these economic indicators closely, anticipating substantial

EUR/GBP Daily Outlook - ActionForex

EUR/GBP Daily Outlook – ActionForex

Daily Pivots: (S1) 0.8729; (P) 0.8740; (R1) 0.8756; More… Intraday bias in EUR/GBP remains neutral with focus on 0.8744 resistance. Decisive break there should confirm that fall from 0.8863 has completed as a correction. Further rally should then be seen back to retest 0.8863 high. On the downside, sustained break of 38.2% retracement of 0.8221

EUR/JPY Daily Outlook - ActionForex

EUR/JPY Daily Outlook – ActionForex

Daily Pivots: (S1) 181.94; (P) 182.54; (R1) 183.08; More… Intraday bias in EUR/JPY remains mildly on the upside for the moment. Corrective fall from 186.86 could have completed after drawing support from 38.2% retracement of 172.24 to 186.86 at 181.27. Further rise should be seen to retest 186.22/186.86 resistance zone first. One the downside, however,

The Market is Seeking a Haven

The Market is Seeking a Haven

JPY and EUR are giving back their safe-haven status to USD. USDJPY is rising amid slowing Japan inflation. Growing geopolitical tensions in the Middle East and the Fed’s reluctance to resume its cycle of monetary expansion are driving the US dollar towards its best weekly performance in four months. According to a Wall Street Journal

USD/CAD Forecast Today 20/02: Trades in a Range (Chart)

Trades in a Range (Chart)

Created on February 20, 2026 The US dollar has been all over the place against the Canadian dollar during trading on Thursday. The price action right now is focusing on the 1.37 level, an area that I think will cause a little bit of a headache, but it’s also worth noting that markets have seen

0
Would love your thoughts, please comment.x
()
x