Gold Price Analysis: XAU/USD consolidates daily gains above $1,800

XAU/USD is posting modest daily gains following Thursday's slide.
Wall Street looks to open in the negative territory.
US Dollar Index stays below 97.00 ahead of PPI data.

Eren Sengezer FXStreet

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday. Nevertheless, the pair didn't have a difficult time erasing a portion of its recent losses and was last seen trading at $1,807, gaining 0.23% on the day.

Eyes on Wall Street

The heavy bearish pressure surrounding the major equity indexes in the US helped the greenback gather strength and weighed on XAU/USD on Thursday. Heightened political tensions amid the US Supreme Court's decision to allow Manhattan District Attorney Cy Vance Jr. to obtain President Donald Trumps financial records weighed on the sentiment.

Moreover, coronavirus cases in the US continued to rise and showed no signs of a slowdown to further impact the sentiment in a negative way.

At the moment, the S&P 500 futures are losing 0.6% on the day, suggesting that Wall Street could open in the negative territory on Friday. In case US stocks extend the slide, the USD could finish the week on strong footing and drag XAU/USD back toward $1,800. At the moment, the US Dollar Index is posting small daily gains at 96.80. However, the precious metal's safe-haven status is likely to help the pair limit its losses.

Technical levels to watch for

XAU/USD

Overview
Today last price	1807.56
Today Daily Change	3.57
Today Daily Change %	0.20
Today daily open	1803.99

Trends
Daily SMA20	1763.29
Daily SMA50	1735.92
Daily SMA100	1686.3
Daily SMA200	1599.48

Levels
Previous Daily High	1815.98
Previous Daily Low	1795.6
Previous Weekly High	1789.28
Previous Weekly Low	1757.7
Previous Monthly High	1785.91
Previous Monthly Low	1670.76
Daily Fibonacci 38.2%	1803.39
Daily Fibonacci 61.8%	1808.19
Daily Pivot Point S1	1794.4
Daily Pivot Point S2	1784.81
Daily Pivot Point S3	1774.02
Daily Pivot Point R1	1814.78
Daily Pivot Point R2	1825.57
Daily Pivot Point R3	1835.16

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD falls to near 1.1600 due to persistent bearish bias

EUR/USD depreciates after registering modest gains in the previous session, trading around 1.1610 during the Asian hours on Thursday. The technical analysis of the daily chart suggests a persistent bearish bias as the EUR/USD pair remains within the descending channel pattern.

GBP/USD underperforms as UK faces stagflation risks amid Middle East war

The Pound Sterling trades lower against its major currency peers, is down 0.22% around 1.3340 against the US Dollar, during the Asian trade on Thursday. The British currency faces selling pressures amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, a situation in which inflation accelerates with economic growth and employment conditions remaining stagnant.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Top Crypto Gainers: Decred, Zcash, and Dogecoin lead recovery as Bitcoin crosses $72,000

Bitcoin trades above $72,500 at press time on Thursday, holding its 6% gain from the previous day, contributing to a broader market recovery. The total cryptocurrency market capitalization stands at over $2.43 trillion as the broader market sentiment improves significantly.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.