{"id":23576,"date":"2026-01-29T05:14:48","date_gmt":"2026-01-29T05:14:48","guid":{"rendered":"https:\/\/www.maxainasia.com\/?p=23576"},"modified":"2026-01-29T05:14:48","modified_gmt":"2026-01-29T05:14:48","slug":"daily-commentary-336","status":"publish","type":"post","link":"https:\/\/www.meisheng.asia\/th\/daily-commentary-336-20260129\/","title":{"rendered":"XAU\/USD keeps breaking into fresh record highs; where next?"},"content":{"rendered":"<ul style=\"color:#f40307\" class=\"wp-block-list has-text-color\">\n<li><strong>Gold tested $5,600 as the record rally extended into early Thursday before profit-taking seeped in. \u00a0<\/strong><\/li>\n\n\n\n<li><strong>The US Dollar holds its overnight recovery following Bessent\u2019s reassurance, Fed rate cut pause.<\/strong><\/li>\n\n\n\n<li><strong>Gold stays a \u2018buy-on-dips trade, despite extremely overbought conditions on the daily timeframe.<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Gold is keeping its corrective decline intact toward $5,500 early Thursday after having tested $5,600 for the first time on record amid relentless buying.<\/p>\n\n\n\n<p>Despite a cautious hold interest rate decision announced by the US Federal Reserve on Wednesday, Gold\u2019s record-setting stint remains unabated.<\/p>\n\n\n\n<p>However, buyers take a breather amid resurgent demand for the USD. Optimistic comments on employment and economic growth from Fed Chair Jerome Powell during the post-policy meeting press conference lifted the Greenback across the board.<\/p>\n\n\n\n<p>Additionally, US Treasury Secretary Scott Bessent calmed investor nerves late Tuesday, while stalling the decline in the USD. In an interview to CNBC, Bessent highlighted that the US has always had a &#8220;strong dollar&#8221; policy and that they are &#8220;absolutely not&#8221; intervening in the Japanese currency markets.<\/p>\n\n\n\n<p>Furthermore, upbeat earnings reports from the American tech titans such as Meta, Microsoft and Tesla spur market optimism and cap the Gold price upside.<\/p>\n\n\n\n<p>From a broader perspective, diminishing investors\u2019 confidence in US assets, amid President Donald Trump\u2019s erratic foreign policies, the diversification away from fiat currencies and geopolitical risks will continue powering the record-setting spree in Gold.<\/p>\n\n\n\n<p>Hence, any corrective pullback is more likely to get bought into.<\/p>\n\n\n\n<p>Looking ahead, Gold traders might take cues from the mid-tier US Jobless Claims and trade data for some fresh trading impulse as Trump is unlikely to announce his Fed Chair pick this week.<\/p>\n\n\n\n<p>Citing Bessent, Yahoo News reported earlier that Trump\u2019s Fed Chair pick may come in a week or so.<\/p>\n\n\n\n<h5 class=\"wp-block-heading has-vivid-red-color has-text-color has-small-font-size\">\u0e01\u0e32\u0e23\u0e27\u0e34\u0e40\u0e04\u0e23\u0e32\u0e30\u0e2b\u0e4c\u0e17\u0e32\u0e07\u0e40\u0e17\u0e04\u0e19\u0e34\u0e04\u0e23\u0e32\u0e22\u0e27\u0e31\u0e19<\/h5>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"364\" src=\"https:\/\/www.maxainasia.com\/wp-content\/uploads\/2026\/01\/image-14-1024x364.png\" alt=\"\" class=\"wp-image-23577\" srcset=\"https:\/\/www.meisheng.asia\/wp-content\/uploads\/2026\/01\/image-14-1024x364.png 1024w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2026\/01\/image-14-300x107.png 300w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2026\/01\/image-14-768x273.png 768w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2026\/01\/image-14-18x6.png 18w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2026\/01\/image-14.png 1536w\" sizes=\"(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/figure>\n\n\n\n<p>In the daily chart, XAU\/USD trades at $5,549.90. The 21-day SMA rises above the 50-, 100- and 200-day SMAs, underscoring strong bullish momentum. All SMAs slope higher, and price holds decisively above them. The 21-day SMA at $4,730.36 offers initial dynamic support. The Relative Strength Index (14) prints 91.08 (overbought), which could cap near-term gains and trigger consolidation.<\/p>\n\n\n\n<p>Broader trend metrics remain supportive, with the 200-day SMA at $3,784.46 marking long-term support and the shorter SMAs continuing to rise. RSI stays stretched in overbought territory, so any cooling could drive a pullback toward the $4,462.59\u2013$4,213.40 area, where the rising SMAs could cushion declines before bulls attempt another leg higher.<\/p>","protected":false},"excerpt":{"rendered":"<p>Gold is keeping its corrective decline intact toward $5,500 early Thursday after having tested $5,600 for the first time on record amid relentless buying. Despite a cautious hold interest rate decision announced by the US Federal Reserve on Wednesday, Gold\u2019s record-setting stint remains unabated. However, buyers take a breather amid resurgent demand for the USD. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.meisheng.asia\/th\/daily-commentary-336-20260129\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;XAU\/USD keeps breaking into fresh record highs; where next?&#8221;<\/span><\/a><\/p>","protected":false},"author":5,"featured_media":17233,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-23576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-commentary"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/23576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/comments?post=23576"}],"version-history":[{"count":1,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/23576\/revisions"}],"predecessor-version":[{"id":23578,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/23576\/revisions\/23578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/media\/17233"}],"wp:attachment":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/media?parent=23576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/categories?post=23576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/tags?post=23576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}