Gold Price Analysis: All eyes on $1696 amid bullish MACD

Gold prices remain positive above March 2013 top.
The year 2013 high and late-2012 tops will be on the bull’s radar for now.
Overbought RSI can trigger intermediate pullbacks but major sellers will stay away unless prices dip below September 2019 peak.

Anil Panchal FXStreet

Gold prices rise 1.2% to $1,662 by the press time of the pre-European session on Monday. In doing so, the bullion stays positive above March 2013 top while also challenging the year 2013 high.

Following the metal’s sustained run-up beyond $1,696, high of 2013, highs marked during November and October 2012, respectively near $1,751 and $1,794 can please the bulls.

On the contrary, overbought RSI conditions favor a pullback to March 2013 top near $1,617. Though further declines seem doubtful as $1,600 and September 2019 top close to $1,557 will challenge the bears afterward.

Also likely to question the sellers below $1,600 will be 61.8% Fibonacci retracement of gold’s broad declines between October 2012 and November 2015.

It's worth mentioning that while RSI is in support of a corrective move towards the south, MACD is still flashing bullish signals and favor the buyers.

Gold weekly chart

Trend: Bullish

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD weakens to four-week lows near 1.1750

EUR/USD’s selling pressure is gathering pace now, approaching the area of multi-week troughs in the mid-1.1700s on Thursday. The pair’s intense decline comes on the back of another day of solid gains in the US Dollar, particulalry exacerbated following firm prints from the weekly US labour market.

GBP/USD drops further, hovers around 1.3460

In line with the rest of its risk-linked peers, GBP/USD faces increasing selling pressure and recedes toward the 1.3460 region, or four-week lows, on Thursday. Cable’s persistent pullback comes in response to the continuation of the recovery in the Greenback amid a solid US data and a divided FOMC when it comes to the Fed’s rate path.

Gold clings to daily gains near $5,000

Gold struggles for direction and clings to its daily gains around the key $5,000 mark per troy ounce on Thursday. The precious metal sticks to the bid bias amid reignited geopolitical tensions in the Middle East and despite marked gains in the US Dollar and rising US Treasury yields across the curve.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.