- Gold loses strength after approaching the key barrier of $1,750.
- The dollar tries to stabilize after the fall due to the Fed meeting.
- Key economic data is coming on Thursday.
The Prayed climbed to $1,748 on Thursday, hitting the highest level in 20 days. From there it fell back to the $1740 area. It remains bullish and far from recent lows.
The economic calendar shows important data ahead starting with the July inflation in Germany. Then it will be the turn of the first estimate of US GDP growth for the second quarter, jobless claims and the Kansas Fed manufacturing index.
Once the Fed meeting is over, the numbers of the economy can have a great impact on the market, those of today and the next ones to come, which will contribute to forming the expectations for the next meeting to be held on the 20th and 21st. of September.
technical landscape
Short-term technical signals favor the bullish scenario for XAUUSD. The key moving averages on the four hour chart are turning bullish. In turn, the rebound from $1,680 remains strong. The next big challenge looms at $1,750.
The Prayed it has lost steam in the last hour with the pullback from the maximum in two weeks. It is coming back below $1740. Should the rally extend below $1,725, the bullish tone would turn neutral and a break below $1,710 would put the metal under pressure again.
On the upside, if you get back above $1,740, the probability of further increases will remain latent. The next strong resistance is around $1750. Then the next resistance is located at $1762.
Technical levels
Source: Fx Street
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