XAU/USD: Bond yield presses gold price

XAU/USD, H1

Gold prices fell on Friday, partly due to an increase in bond yields. That encouraged the Dollar to appreciate, plus this could be a sell-off for traders and investors who bought in early April. As for the stock market itself, the S&P 500 and Dow Jones continued to hit new all-time highs. As the new round of stimulus continues to boost investor confidence that the US economy will be able to grow ahead of the Eurozone and other countries, there is still a risk from the Covid-19 epidemic, although infection rates continue to decline as vaccination rates accelerate.

The fall in the gold price on Friday can be explained from a technical perspective. It can be seen that in the Day time frame, the gold price could not pass the MA50 resistance at the 1,760 zone, and the low zone from the end of 2020 (30 November). A break of 1,745 was also not sustained as the price closed the week at 1,743.

For the trend of gold prices today it is clear in the H1 timeframe that the price has come down to trade in the lower zone of the channel and is currently stuck between the MA50 and MA200, with the gold price oscillating between these support and resistance areas. The continuous downturn from Friday is still not seeing a promising reversal trend in the H1 timeframe where the MACD remains in the negative area, while the RSI is at 31.84 and still heading into the oversold zone, with the first support at 1,735. Breaking below here, there is the next support at 1,722 while the main resistance for today is at the MA50 line at 1,745.

EUR/USD treads water around 1.1900

EUR/USD edges a tad lower around the 1.1900 area, coming under mild pressure despite the US Dollar keeps the offered stance on turnaround Tuesday. On the US data front, December Retail Sales fell short of expectations, while the ADP four week average printed at 6.5K.

GBP/USD looks weak near 1.3670

GBP/USD trades on the back foot around the 1.3670 region on Tuesday. Cable’s modest retracement also comes in tandem with the decent decline in the Greenback. Moving forward, the US NFP and CPI data in combination with key UK releases should kee the quid under scrutiny in the next few days.

Gold the battle of wills continues with bulls not ready to give up

Gold comes under marked selling pressure on Tuesday, giving back part of its recent two day advance and threatening to challenge the key $5,000 mark per troy ounce. The yellow metal’s correction follows a better tone in the risk complex, a lower Greenback and shrinking US Treasuty yields.

AI Crypto Update: BankrCoin, Pippin surge as sector market cap steadies above $12B

The Artificial Intelligence (AI) segment is largely on the back foot with major coins such as Bittensor (TAO) and Internet Computer (ICP) extending losses amid a sticky risk-off sentiment.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.