Gold Price News and Forecast: XAU/USD better bid after biggest weekly gain since August 2019

FXStreet Team FXStreet

Gold Price Analysis: Better bid after biggest weekly gain since August 2019

Gold is on the offensive, having logged its biggest weekly gain in six months last week. The yellow metal is currently trading at $1,663 per Oz, representing over 1% gains on the day, having hit a high of $1,681 in early Asia. That was the highest level since February 2013.

Prices rallied by over 3.7% last week. Gain bigger than that were last seen in the second week of August.

Gold pulls back from fresh seven-year high to sub-$1670 area, coronavirus in focus

Gold prices rallied to $1,681.25, the highest since February 2013, during early Monday. The yellow metal recently benefited from the rise in the coronavirus cases outside China while no respite from the contagion inside the dragon nation earlier fuelled the safe-haven. It should be noted that the bullion’s prices have been pulled back to $1667.18 by the press time.

XAU/USD

Overview
Today last price	1643.56
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	1643.56

Trends
Daily SMA20	1582.32
Daily SMA50	1550.93
Daily SMA100	1515.19
Daily SMA200	1474.38

Levels
Previous Daily High	1649.32
Previous Daily Low	1619.02
Previous Weekly High	1649.32
Previous Weekly Low	1578.88
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1637.75
Daily Fibonacci 61.8%	1630.59
Daily Pivot Point S1	1625.28
Daily Pivot Point S2	1607
Daily Pivot Point S3	1594.98
Daily Pivot Point R1	1655.58
Daily Pivot Point R2	1667.6
Daily Pivot Point R3	1685.88

FXStreet Indonesian Site - new domain!
Access it at www.fxstreet-id.com

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

AUD/USD extends the range play above 0.7200 as traders await US inflation data

AUD/USD is seen extending its consolidative price move above 0.7200 during the Asian session on Thursday amid mixed cues. Rising RBA rate-hike bets keep the Aussie close to its highest level since May 14. However, hawkish Fed expectations and escalating US-Iran tensions offer some support to the US Dollar, capping the currency pair as traders await US inflation figures.

USD/JPY consolidates around 153.50 as bears turn cautious ahead of US inflation

USD/JPY stabilizes above 153.50 during the Asian session on Thursday, but remains near a seven-month low set earlier this week as hawkish BoJ repricing continues to underpin the Japanese Yen. Meanwhile, rising September Fed rate-hike bets and escalating US-Iran tensions help ease US Dollar selling pressure, offering some support to the currency pair ahead of US inflation figures.

Gold resumes its decline below $4,400

Gold maintains an erratic trade so far this week, now slipping back below the key $4,400 mark per troy ounce following the stronger US Dollar and a strong rebound in US Treasury yields across the curve, particularly following US Producer Prices.

XRP slides amid a fragile crypto market structure

Ripple (XRP) falls for the second straight day, trading at $1.37 on Thursday. The broader cryptocurrency market remains fragile as investors weigh the impact of geopolitical tensions in the Middle East, which triggered persistent increases in Crude Oil prices while restricting shipping through the Straight of Hormuz and the Red Sea.

Jobs opened the door for the Fed — inflation decides whether it walks through

The latest US jobs report did not end the debate over the Federal Reserve’s (Fed) next move. It may have done something more subtle: it gave policymakers permission to keep their options open. After months of softer labour market signals, August delivered a stronger-than-expected rebound.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.