Gold Price Forecast: XAU/USD rises to three-day highs, above 1855$.

Gold gains momentum despite higher yields.XAU/USD remains sideways, looking at the $1860 resistance.The US dollar pulled back during the American session boosting XAU/USD that climbed to $1859.70, reaching the highest level in three days. The yellow metal is facing resistance around the $1860 area.

Dollar down, gold slightly higher

On a quiet session, the DXY turned negative in American hours, sliding back to the 102.30 area. US yields are modestly higher with the 10-year at 3.01% and the 30-year at 3.16%. Also Eurozone yields are higher ahead of the European Central Bank meeting on Thursday.

Despite the move in yields, gold is rising although gains seem limited for the moment while unable to break above $1860. A break above would expose the strong barrier of $1870. The following resistance is the $1890 area, a horizontal level and also the confluence of the 55 and 100-day Simple Moving Averages.

If price fails to rise above $1860, a retreat back to the $1850 area seems likely. The immediate support might be seen at $1840 followed by the weekly low at $1836 and then $1827 (June 1 low).

On a wider perspective, XAU/USD continues to move sideways between $1835 and $1870. During the next sessions volatility could pick up considering the ECB meeting on Thursday, US inflation data on Friday, and the FOMC meeting next week.

EUR/USD rises toward 1.0750 as dollar loses strength

EUR/USD has regained its traction in the early American session and climbed toward 1.0750. The greenback is having a difficult time finding demand on Wednesday as investors gear up for the European Central Bank’s policy announcements on Thursday.


USD/JPY hovers around 134.00, clings to strong daily gains

USD/JPY trades around 134.00 after hitting a 20-year high of 134.48 earlier in the day. The benchmark 10-year US T-bond yield stands around 3.01% in the American session, allowing the pair to maintain the upward pressure.


Gold benefiting from temporal dollar’s weakness

Gold is up for a second consecutive day. Financial markets are all about concerns related to inflation, growth, and central banks’ quantitative tightening. Market participants fear that the aggressive measures taken by policymakers will end up triggering a recession.

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