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Gold jumps to new two-week high as dollar weakens
XAU/USD traded around $4,146 after rebounding from $4,076, helped by a 0.07% dip in the US Dollar Index to 101.12.
Gold prices rose more than 1.5% on Wednesday, with XAU/USD breaking higher on US dollar weakness to reach a new two-week high.
The article said gold cracked a downtrend resistance line and was trading around $4,146 after bouncing off a low of $4,076, while sentiment stayed neutral.
FXStreet noted the US Dollar Index fell 0.07% to 101.12, providing a tailwind to bullion, even as tensions between the US and Iran remained elevated.
The report added that traders are watching upcoming US economic releases, including Initial Jobless Claims for the week ending July 18, and the Federal Reserve’s next monetary policy decision, with analysts citing nearby technical levels such as $4,200 and $4,253.
It also said geopolitical risk tied to the Iran situation could shift safe-haven demand, with a larger escalation potentially pushing investors toward the dollar and prompting profit-taking in gold.
Latest closeGold $4,117.00 ▲1.1%|Dollar index 101.12 ▼0.1%