Gold Price News and Forecast: XAU/USD bulls remain at the mercy of USD price dynamics [Video]

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Gold’s double bottom not enough for an outlook reversal [Video]

Gold has created a potential double bottom pattern around 1,676, raising hopes that a bullish trend reversal could be in progress. Traders, however, should be cautious as the blue Kijun-sen line continues to cap upside corrections, while the RSI seems to be struggling to crawl above its 50 neutral mark despite its rebound off the oversold area. The MACD keeps hovering above its red signal line and within the negative region, backing that narrative too. Read more...

Gold Price Forecast: XAU/USD bulls remain at the mercy of USD price dynamics

Gold struggled to capitalize on last week's goodish rebound from the $1,677-76 region, or multi-month lows and traded with a negative bias through the Asian session on Monday. This marked the first day of a negative move in the previous three and was sponsored by a combination of factors. The US dollar was back in demand on the back of Friday's blockbuster US monthly jobs report and a fresh leg up in the US Treasury bond yields. This was seen as a key factor that exerted some downward pressure on the dollar-denominated commodity. The headline NFP showed that the US economy added 916K new jobs in March – the largest gain since last August. Adding to this, February's reading was revised higher to 468K as against 379K reported previously and the unemployment rate fell to 6.0% from 6.2% previous. Read more...

Gold Price Analysis: XAU/USD eyes $1709 support after strong NFP boosts yields – Confluence Detector

Gold (XAU/USD) is holding onto the recent recovery gains at around $1730 on Easter Monday, with thin trades offering little incentives. Meanwhile, strong US NFP jobs reported-led spike in the shorter-duration Treasury yields weigh on the non-yielding bright metal.

The Fed is expected to increases rates sooner than previously anticipated after the US jobs blowout strengthened the prospects of faster economic recovery amidst higher vaccination rates. Read more...

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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 keeps range near mid-0.7100s as USD bulls await US CPI

AUD/USD steadies near mid-0.7100s in the Asian session on Friday, stalling the previous day's sharp decline to an over one-week low. The August PPI report reaffirmed Fed rate-hike bets and boosted the US Dollar on Thursday, which weighed heavily on the pair. However, hawkish RBA expectations limited losses for the Aussie as USD bulls now await the release of the US consumer inflation figures before placing fresh bets.

USD/JPY holds lower ground toward 154.00; looks to US CPI

USD/JPY holds lower ground toward 154.00 in the Asian session on Friday after hot Japanese PPI data bolster a more hawkish BoJ repricing and provide fresh impetus to the Japanese Yen. However, the downside appears capped as the US Dollar preserves overnight gains ahead of the latest US consumer inflation data.

Gold turns negative near $4,300 post-US CPI

Gold adds to Thursday’s weakness, trading comfortably in the sub-$4,400 zone per troy ounce at the end of the week. The yellow metal keeps the offered bias in the wake of the release of US inflation figures in August and amid the decent advance in the US Dollar.

Ripple Price Forecast: XRP extends decline as returning ETF inflows fail to lift outlook

Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.

Weekly focus – The hawks set the tone

Risky assets came under pressure this week as energy prices kept creeping higher and the ECB surprised the markets with a hawkish tone. The price of Brent crude touched USD 110 per barrel on Thursday night, highest since mid-May, as news emerged that the Yemeni Houthis had reached control of key port cities and islands near the Bab el-Mandeb strait.

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.