Gold Price News and Forecast: XAU/USD bears taking control, eye daily support

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD daily support is important for the open

Gold dropped from six-week highs early on Friday with the US yield on the 10-year Treasury note shooting higher which ended the day up by 3.2%.

For the open, the Technical conditions are compelling.

The price has been correcting the weekly bearish impulse in a 38.2% Fibonacci retracement where it meets the 10 EMA.

Gold Price Analysis: Bears taking control, eye daily support

As per the prior analysis for the start of the week, Gold Price Analysis: XAU/USD daily support is important for the open, there is a compelling scenario taking shape on the 4-hour chart.

Daily support is a target in what will be a classic impulse, correction, impulse playbook which could potentially result in a bearish topping pattern on the 4-hour chart for the week ahead.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

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