Gold Price Forecast: XAU/USD set for a recovery towards $1830/34 – Commerzbank

FXStreet Insights Team FXStreet

Gold is hovering around $1,800. Nearby support at $1779/74 is proving to be pretty solid. Therefore, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, favours near-term recovery.

See – Gold Price Forecast: XAU/USD to see damaging weakness on a break below $1775 – Credit Suisse

Neutral to positive bias while above $1750

“Gold has tested and held a number of times over the $1779/74 support (38.2% retracement and the lows from the end of August). While above $1750, the 29th June low it will remain neutral to positive.”

“We favour a retest of the $1830/34 resistance. This is the location of the July high and the 55-week ma. A close above here is needed to retest the $1856/57 4th June low and the $1864 2020-2021 downtrend.”

“Below $1750, support is found at $1679.80/$1677.83 and is reinforced by the $1670 June 2020 low. Below $1670 would target the 2018-2021 uptrend at $1592.”

“The downtrend at $1864 guards the $1916.91 May high.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD slumps below 1.1750 as USD benefits from risk-aversion

EUR/USD comes under renewed bearish pressure in the European session and trades below 1.1750 following a recovery attempt earlier in the day. The US Dollar gathers strength and weighs on the pair as investors seek refuge in the wake of Israel and the United States' joint attack on Iran.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold surges on safe-haven demand, rises above $5,400

Gold benefits from intense risk-aversion on Monday and climbs above $5,400, setting a fresh monthly-high in the process. Tensions in the Middle East remain high as Israel and Hezbollah continue to exchange strikes following the US-Israel joint attack on Iran over the weekend.

Bitcoin, Ethereum and Ripple under pressure as key supports face breakdown risk

Bitcoin, Ethereum, and Ripple prices trade on the back foot at the start of this week on Monday, after extending losses in the previous week. BTC is on the brink of a breakdown, ETH is capped below key resistance, and XRP risks a crack of the trendline.

The market is paying for insurance, not apocalypse

As expected, this morning felt less like a Monday market open and more like a fire drill. Futures screens flickered red. S&P contracts down almost 1%. Nasdaq off 1.2%. Brent leaped 13% through $80. Gold rose 1.6% toward $5350 before paring some gains. The dollar is strutting mildly. The Swiss franc is quietly doing what it always does in a storm, catching some safe-haven flows.

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.