Gold Price Forecast – Gold Markets Pullback From Trendline

The gold market has initially rally during the trading session on Thursday but pulled back from a significant downtrend line.

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Australian Dollar advances ahead of RBA policy decision 3 February 2026

The Australian Dollar (AUD) gains ground against the US Dollar (USD) on Tuesday ahead of the interest rate decision by the Reserve Bank of Australia (RBA) due later in the day.

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The USD/CAD pair trades in negative territory near 1.3660 during the early Asian session on Tuesday. Another US government shutdown undermine the US Dollar (USD) against the Canadian Dollar (CAD). Nonetheless, the downside for the pair might be limited amid upbeat US economic data.

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The Reserve Bank of Australia (RBA) is widely expected to raise the Official Cash Rate (OCR) to 3.85% from 3.6% after concluding its first monetary policy meeting of 2026.

PBOC sets USD/CNY reference rate at 6.9608 vs. 6.9695 previous 3 February 2026

The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Tuesday at 6.9608 compared to the previous day's fix of 6.9695 and 6.9598 Reuters estimate.

Ireland AIB Manufacturing PMI: 52.2 (January) 3 February 2026

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WTI seems vulnerable near $61.75, one-week low amid US-Iran de-escalation 3 February 2026

West Texas Intermediate (WTI) US Crude Oil prices struggle to capitalize on the previous day's modest bounce from the $61.20 area, or a one-week trough, and attract some sellers for the second straight day on Tuesday.

Gold Price Forecast: XAU/USD rebounds above $4,800, traders brace for US-Iran talks 3 February 2026

Gold price (XAU/USD) recovers some lost ground to near $4,820 during the early Asian session on Tuesday. The precious metal edges higher following a historic market rout.

Australia Building Permits (YoY): 0.4% (December) vs previous 20.2% 3 February 2026

Australia Building Permits (YoY): 0.4% (December) vs previous 20.2%

Australia Building Permits (MoM) below forecasts (-5.7%) in December: Actual (-14.9%) 3 February 2026

Australia Building Permits (MoM) below forecasts (-5.7%) in December: Actual (-14.9%)

Japan’s Katayama says will coordinate regularly with US on FX 3 February 2026

Japan’s Finance Minister Satsuki Katayama said on Tuesday that she will continue to closely coordinate with US authorities as needed, based on a joint Japan and US statement issued in September last year, and respond appropriately.

Japan Monetary Base (YoY) increased to -9.5% in January from previous -9.8% 3 February 2026

Japan Monetary Base (YoY) increased to -9.5% in January from previous -9.8%

US President Donald Trump cuts India tariffs to 18% as New Delhi agrees to end Russian oil purchases 2 February 2026

US President Donald Trump said he will slash tariffs on India to 18% after Prime Minister Narendra Modi agreed to stop buying Russian oil, Bloomberg reported on Monday.

US President Donald Trump announces establishment of critical mineral reserve — Reuters 2 February 2026

US President Donald Trump announced the creation of a US critical mineral reserve, Reuters reported on Monday. Trump further stated that the initiative will combine $10 billion in financing from the US Export-Import Bank (EXIM) and $2 billion from the private sector.

Taiwan: Strong economic growth driven by exports – UOB 2 February 2026

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• NZD/USD eased to 0.6008 on Monday, pulling back from seven-month highs near 0.6045 as the Kiwi consolidates strong January gains of around 5%.

USD/JPY gathers strength above 155.50 as upbeat US data bolsters Dollar 2 February 2026

The USD/JPY pair attracts some buyers to around 155.55 during the early Asian session on Tuesday. The upbeat US economic data provides some support to the Greenback against the Japanese Yen (JPY).

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DBS Bank's Group Research report, authored by Philip Wee, has lowered its forecasts for the MYR, reflecting its strong performance against the USD. The report discusses recent trading trends and the factors contributing to the MYR's resilience in the market.

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South Korea Consumer Price Index Growth (YoY) registered at 2%, below expectations (2.1%) in January

South Korea Consumer Price Index Growth (MoM) in line with expectations (0.4%) in January 2 February 2026

South Korea Consumer Price Index Growth (MoM) in line with expectations (0.4%) in January

Pound Sterling losses slow as BoE rate decision looms 2 February 2026

• GBP/USD eased to 1.3646 on Monday, retreating from the August 2021 high of 1.3847 touched last week as markets position ahead of Thursday's BoE decision.

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Gold Price Forecast – Gold Markets Pullback From Trendline

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