Gold surrenders modest intraday gains amid the emergence of some USD buying
- Gold price struggles to preserve modest Asian session gains, though the downside seems limited.
- Fed rate cut bets and US fiscal concerns should cap the USD recovery and support the commodity.
- Geopolitical risks and persistent trade-related uncertainties could further underpin the XAU/USD.
Gold price (XAU/USD) attracts some intraday sellers following an Asian session uptick to the $3,372-3,373 area, though it lacks follow-through and holds above the overnight swing low. The price is to the upside. However, any subsequent move up could face some resistance near the $3,380 region ahead of the $3,400 neighborhood or a multi-week high touched on Tuesday. A sustained strength beyond the latter should allow the XAU/USD pair to retest the all-time peak touched in April and make a fresh attempt to conquer the $3,500 psychological mark.
On the flip side, weakness below the $3,355 area might continue to attract some dip-buyers and is more likely to remain limited near the aforementioned resistance breakpoint, around the $3,326-3,324 area. Some follow-through selling, however, could make the commodity vulnerable to weakening further below the $3,300 mark and testing the $3,286-3,285 horizontal support.
US Dollar PRICE Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.03% | 0.05% | 0.25% | 0.02% | 0.12% | 0.02% | 0.05% | |
| EUR | -0.03% | -0.01% | 0.20% | -0.02% | 0.08% | -0.03% | 0.00% | |
| GBP | -0.05% | 0.00% | 0.16% | -0.03% | 0.09% | -0.02% | 0.02% | |
| JPY | -0.25% | -0.20% | -0.16% | -0.20% | -0.17% | -0.16% | -0.15% | |
| CAD | -0.02% | 0.02% | 0.03% | 0.20% | 0.10% | -0.00% | 0.03% | |
| AUD | -0.12% | -0.08% | -0.09% | 0.17% | -0.10% | -0.11% | -0.07% | |
| NZD | -0.02% | 0.03% | 0.02% | 0.16% | 0.00% | 0.11% | 0.03% | |
| CHF | -0.05% | -0.01% | -0.02% | 0.15% | -0.03% | 0.07% | -0.03% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).