Gold slips back to six-day lows, targets $4,100

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Indeed, the precious metal continues to face headwinds from the Fed's hawkish stance and renewed uncertainty surrounding the next round of US-Iran negotiations. ## Latest XAU/USD News * * * ## XAU/USD Technical Overview From a technical perspective, this week's repeated failures to breakout through the 100-day Exponential Moving Average (EMA) and the subsequent slide favor the XAU/USD bears. Adding to this, the Relative Strength Index (RSI) hovers near 36, reflecting weak demand rather than outright oversold conditions. Furthermore, the Moving Average Convergence Divergence (MACD) indicator stays in negative territory with the line below its signal and a subdued histogram, which suggests ongoing downside pressure. Meanwhile, the 200-day EMA at $4,358.53 is the first meaningful resistance, and bulls would need a daily close above this level to ease the current downside bias and hint at a more sustained recovery phase. Until then, the XAU/USD pair remains vulnerable to further declines, and further fresh selling is likely to be driven by momentum rather than by interaction with a specific technical floor on the daily chart. * * * ## Fundamental Overview The USD Index (DXY), which tracks the Greenback against a basket of currencies, shot to a fresh high since May 2025 and should undermine demand for the commodity. The US central bank decided to keep the benchmark interest rate unchanged in its current 3.5% to 3.75% target range at the end of the first meeting under the new Fed Chair, Kevin Warsh. However, the so-called dot plot indicated that nine of the Fed's 19 committed members believed that they would need to raise the policy rate this year if inflation remains sticky. Furthermore, Kevin Warsh’s comments during the post-meeting press conference focused strongly on price stability, suggesting that the Fed might not rush to cut interest rates even in the face of declining growth. According to the CME Group's FedWatch Tool, traders are now pricing in a 70% chance that the US central bank will hike rates in September. This keeps US Treasury bond yields elevated and continues to support the buck. Meanwhile, the optimism led by an interim US-Iran peace deal fades as key issues between the two countries remain unresolved. Moreover, US Vice President JD Vance canceled his planned trip for talks with Iran in Switzerland, saying that the meeting wasn’t yet finalized. Adding to this, Israeli air strikes in Lebanon threaten to unravel the US-Iran deal. Any signs of renewed escalation of tensions in the Middle East and the lack of progress in US-Iran negotiations could further boost the safe-haven USD. Meanwhile, the liquidity is likely to remain low amid a US bank holiday in observance of Juneteenth National Independence Day. Nevertheless, the Gold seems poised to register losses for the third straight week as the market focus remains glued to further developments surrounding the Middle East crisis. | GMT | Event | Vol. | Actual | Consensus | Previous | | --- | --- | --- | --- | --- | --- | | **Monday, Jun 22** | | 01:15 | CNY<br>[PBoC Interest Rate Decision](https://www.fxstreet.com/economic-calendar) | | | 3% | 3% | | 03:00 | NZD<br>[Credit Card Spending (YoY)](https://www.fxstreet.com/economic-calendar) | | | | 2.9% | | 08:00 | EUR<br>[ECB's President Lagarde speech](https://www.fxstreet.com/economic-calendar) | | | | | | 12:30 | CAD<br>[Consumer Price Index (YoY)](https://www.fxstreet.com/economic-calendar) | | | | 2.8% | | 12:30 | CAD<br>[Consumer Price Index - Core (MoM)](https://www.fxstreet.com/economic-calendar) | | | | 0.1% | | 12:30 | CAD<br>[Consumer Price Index (MoM)](https://www.fxstreet.com/economic-calendar) | | | 0.7% | 0.4% | | 12:30 | CAD<br>[BoC Consumer Price Index Core (YoY)](https://www.fxstreet.com/economic-calendar) | | | | 2.1% | * * * * * * SPECIAL WEEKLY FORECAST Interested in weekly XAU/USD forecasts? Our experts make weekly updates forecasting the next possible moves of the gold-dollar pair. Here you can find the most recent forecast by our market experts: [Gold: Hawkish Fed leads to third consecutive weekly loss](https://www.fxstreet.com/analysis/gold-weekly-forecast-hawkish-fed-leads-to-third-consecutive-weekly-loss-202606191450 "Gold: Hawkish Fed leads to third consecutive weekly loss") ### [Gold: Hawkish Fed leads to third consecutive weekly loss](https://www.fxstreet.com/analysis/gold-weekly-forecast-hawkish-fed-leads-to-third-consecutive-weekly-loss-202606191450 "Gold: Hawkish Fed leads to third consecutive weekly loss")Premium Gold (XAU/USD) opened with a bullish gap and registered strong gains in the first half of the week, but a hawkish Federal Reserve (Fed) spoiled the party. Mid-tier macroeconomic data releases from the United States (US) and changes in crude Oil prices could impact XAU/USD’s action in the near term, while the technical outlook suggests that the bearish bias remains intact. ## Latest XAU/USD Analysis * * * ## Latest XAU/USD Analysis ## Editors' picks [EUR/USD looks consolidative around 1.1460](https://www.fxstreet.com/currencies/eurusd "EUR/USD looks consolidative around 1.1460") ### [EUR/USD looks consolidative around 1.1460](https://www.fxstreet.com/currencies/eurusd "EUR/USD looks consolidative around 1.1460") EUR/USD stages a modest rebound after slipping to a three-month low below 1.1420 at the end of the week. That said, the pair now looks to consolidate humble gains just above 1.1460 despite growing uncertainty surrounding the next round of US-Iran negotiations, which keeps the US Dollar’s downside contained. [GBP/USD bounces off lows, back above 1.3200](https://www.fxstreet.com/currencies/gbpusd "GBP/USD bounces off lows, back above 1.3200") ### [GBP/USD bounces off lows, back above 1.3200](https://www.fxstreet.com/currencies/gbpusd "GBP/USD bounces off lows, back above 1.3200") After bottoming out near 1.3160, GBP/USD manages to regain a bit of shine and reclaim the 1.3200 mark and beyond at the end of the week. Stronger-than-expected UK Retail Sales data seem to be helping the British Pound limit its losses, while the chaotic UK political environment keeps the bulls at bay for now. [USD/JPY treads water near 161.30](https://www.fxstreet.com/currencies/usdjpy "USD/JPY treads water near 161.30") ### [USD/JPY treads water near 161.30](https://www.fxstreet.com/currencies/usdjpy "USD/JPY treads water near 161.30") USD/JPY alternates gains with losses comfortably above the 161.00 mark on Friday. The Japanese Yen finds marginal support from hawkish BoJ commentary and signals from the April meeting Minutes that further rate hikes remain on the table, while usual FX intervention concerns and the Greenback’s lacklustre performance also add to Friday’s price action. [Gold slips back to six-day lows, targets $4,100](https://www.fxstreet.com/markets/commodities/metals/gold "Gold slips back to six-day lows, targets $4,100") ### [Gold slips back to six-day lows, targets $4,100](https://www.fxstreet.com/markets/commodities/metals/gold "Gold slips back to six-day lows, targets $4,100") Gold retreats for th