Gold Price Forecast: XAU/USD surges and reached a 14-month-old highs at $1974, though stabilized around $1919

Gold printed a 14-month-old fresh high around $1,974 amid the Ukraine – Russia war escalation.
US Treasury yields fell, though the US Dollar strengthened across the board.
XAU/USD Price Forecast: If bulls hold above the $1916 mark, they could remain hopeful of reaching higher prices.

Christian Borjon Valencia FXStreet

Gold (XAU/USD) climbs in the North American session, thought retreats from 14-months daily highs at $1,974.48, as the Ukraine – Russia conflict escalated, with Russia invading Ukraine, as a growing appetite for safe-haven assets increases, to the detriment of riskier assets. At press time, XAU/USD is trading at $1,919.50.

In the meantime, the US Treasury yields fall as the appetite for US Treasuries thrives. The US 10-year T-note yield dwindles six basis points sits at 1.918%, a headwind for the non-yielding metal. Contrarily, the greenback remains bid, moving in tandem with XAU/USD, with the US Dollar Index up 1.08%, currently at 97.23, retreating from the 97.73 level, last seen in July 2021.

How is Russian-Ukraine war impacting financial markets? Follow our live coverage updates

XAU/USD Price Forecast: Technical outlook

XAU/USD is upward biased, as depicted by the daily chart. Gold bull’s pushed the price towards a daily high at $1,974.78 and, on its way north, broke June 2021 highs at $1,916.60. If XAU bulls achieve a daily close above the latter, they could remain hopeful of keeping spot gold trading in the $1,916-$1,959 area.

The XAU/USD first resistance would be June 6 daily high at $1,959.06. Breach of the latter would expose February 24 daily high at $1,974.78, followed by a move towards $2,000.

XAU/USD

Overview
Today last price	1919.50
Today Daily Change	15.55
Today Daily Change %	0.81
Today daily open	1909.28

Trends
Daily SMA20	1844.17
Daily SMA50	1826.03
Daily SMA100	1811.33
Daily SMA200	1808.89

Levels
Previous Daily High	1910.55
Previous Daily Low	1889.65
Previous Weekly High	1902.5
Previous Weekly Low	1844.65
Previous Monthly High	1853.91
Previous Monthly Low	1780.32
Daily Fibonacci 38.2%	1902.57
Daily Fibonacci 61.8%	1897.63
Daily Pivot Point S1	1895.77
Daily Pivot Point S2	1882.26
Daily Pivot Point S3	1874.87
Daily Pivot Point R1	1916.67
Daily Pivot Point R2	1924.06
Daily Pivot Point R3	1937.57

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

GBP/USD appears bid near 1.3200

GBP/USD gathers momentum and advances toward the 1.3200 neighbourhood on Thursday. Cable manages to shrug-off initial weakness and regain balance on the back of the fresh selling pressure hurting the Greenback.

EUR/USD remains below 1.1350 after US PCE inflation

EUR/USD now accelerates its daily recovery, hovering around the 1.1370 region on Thursday. The pair’s rebounds follows some mild loss of momentum of the US Dollar despite results from the PCE and the labour market.

Gold advances slightly past $4,000

Gold reverses part of its recent weakness on Thursday, managing to reclaim the area just above the $4,000 mark per troy ounce. The precious metal regains traction on the back of renewed selling interest in the Greenback, although expectations of rate hikes by the Fed are likely to keep buyers on the sidelines for now.

Bitcoin tests $60,000 as whales sell off – Aave and Jupiter show resilience

The broader cryptocurrency market remains under intense selling pressure, with Bitcoin back at $60,000 for the third time this year. On-chain data shows selling pressure from large-wallet investors, commonly referred to as whales, while total liquidations hit nearly $1 billion in 24 hours.

Bitcoin nears make-or-break level ahead of US PCE data

Bitcoin recovers slightly, trading at $61,700 after reaching a new yearly low of $59,103 and a 21-month low the previous day. This bearish price action is supported by the ongoing institutional sell-off, which recorded an outflow of over $469 million on Wednesday.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.