Gold Price News and Forecast: XAU/USD bulls target $1,820

FXStreet Team FXStreet

Gold Price Analysis: Bulls setting up for upside extension to -61.8% Fibo/$1,817/20

Gold is consolidating the recent bullish impulse, but the 15-min reverse H&S is an extra conviction for prospects of a continuation. $1,817 and $1,820 are on the bulls map. As per the prior analysis from the New York session, Gold Price Analysis: Bulls target $1,820, 1-hour Momentum points to meanwhile correction, the yellow metal did indeed decelerate to a measured target of the 38.2% Fibonacci retracement level.

Gold Price Analysis: Bulls target $1,820, 1-hour Momentum points to meanwhile correction

Gold prices have been back on the bid through the psychological 1800 level. $1,820 is a marked target to the upside, but the hourly chart is on the verge of a healthy correction. As per the prior analysis, Gold Price Analysis: Target achieved and fresh bear-cycle lows for 2021, where the price met weekly demand, it was argued that the price would resume the upside as follows.

EUR/USD challenges 1.1700, six-week lows

EUR/USD remains under heavy downside pressire in quite a dfrreadful start to the new trading week, putting the 1.1700 support to the test amid the marked rebound in the US Dollar. The flight-so-safety environment continues to support the Greenback following the escalating conflict in the Middle East.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold shifts its attention to $5,600 on fligh-to-safety mood

Gold climbs to levels last seen in late January past the $5,400 mark per troy ounce on Monday. The yellow metal’s strong uptick remains fuelled by incresing geopolitical tensions in the Middle East and the consequent demand for safer assets.

Bitcoin on brink of breakdown amid US-Iran war

Bitcoin (BTC) remains under pressure near the key support level of $65,700. Trading at $66,400 at the time of writing on Monday, a breakdown below this critical level would suggest a deeper correction ahead.

The week ahead: Conflict in the Middle East jolts markets

Events in the Middle East are obviously dominating financial markets this morning. The Brent crude oil price is extending gains and is higher by more than 8%, stock futures are pointing lower and the gold price is higher by more than 2%.

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.