Market Analysis
AUDUSD midweek: Aussie reclaims 0.6987 after Monday dip, 2026-07-13
AUDUSD trades at 0.69875 midweek, up roughly 46 pips from Monday's open, with a thin back-half calendar and the daily PBOC fix in focus.
2 min readGold closed Wednesday at $4495.72, down $71.05 or 1.6% from Monday's open of $4566.77. The metal hit a weekly high of $4580.03 on Monday before sliding to a low of $4482.51 on Tuesday.
Tuesday's sharp drop saw gold lose $40 in a single session as Goldman Sachs raised their S&P 500 year-end target to 8,000. The bullish equity outlook triggered rotation out of safe havens, with volume spiking to 173,550 contracts compared to Monday's 120,005.
The remainder of this week shows no high-impact economic releases on the calendar. Without scheduled catalysts, gold will likely continue reacting to equity market sentiment. If stocks extend gains Thursday or Friday, the $4480 Tuesday low comes back into focus. If risk appetite reverses, $4525 resistance from Wednesday's high becomes the first test.
Current positioning shows 55.3% of traders long and 44.7% short as of Wednesday morning. The modest long skew suggests traders are not panicking despite this week's decline, keeping dry powder for either a bounce from support or further weakness below $4480.
Gold is testing the psychological $4500 level after bouncing from Tuesday's $4482.51 low. If price holds above $4490 through Thursday's session, buyers may attempt to reclaim $4520. A break below $4480 would confirm the bearish momentum and open the door for further selling. Trade gold's reaction to these key levels with LHFX's tight spreads and fast execution.
Byline: LHFX Research
Risk disclaimer. CFD trading involves substantial risk and is not suitable for every investor. Leverage works both ways and can amplify losses beyond your initial deposit. The analysis above is general market commentary and does not constitute investment advice or a recommendation to buy or sell any instrument. LHFX is regulated by the FSC Mauritius and the FSCA in South Africa.
