Gold prices opened the week higher on global markets, with gold rising 0.5% to around $4,400 and extending Friday’s gains, while silver is up nearly 1.5%. Precious metals appear to have responded positively to the latest set of U.S. macroeconomic data.
- Friday’s data showed an unexpected decline in U.S. retail sales and weaker consumer sentiment in the University of Michigan survey.
- The figures followed relatively “reassuring” July CPI and PPI inflation reports.
- The latest NFP report also disappointed, while gold appears to be reacting to a reduction in hawkish expectations ahead of the Fed’s autumn policy decisions.
Gold price chart (H4, D1)
On the 4-hour chart, gold remains above $4,300 per ounce and recently halted its decline around this important Fibonacci retracement level (23.6%). RSI and MACD still appear to leave some room for further gains, while an important Fibonacci resistance level is located near $4,600, where stronger price action can also be seen, including the May consolidation that preceded the subsequent decline.
Source: xStation5
On the daily chart, the $4,300 area looks even more important because the 200-session EMA200 (red line) is located there. After briefly falling below this moving average, gold quickly returned to growth. The proximity of the EMA200 itself appears to suggest that, in a scenario where the upward trend resumes, gold could still have considerable room to rise—especially if expectations regarding Fed and ECB policy become more dovish and oil prices gradually decline toward $70–80 per barrel.
Source: xStation5
🟠Is there a shortage of physical copper?
Chart of the day: EURUSD eyes 1.1600! The dollar season is over?
Economic Calendar: Light Monday may channel the bulls. NYC and housing market data (17.08.2026)
Morning Wrap: EURUSD at 2-month high! Rate hike bets keep shrinking (17.08.2026)
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
