Gold Price News and Forecast: XAU/USD - Dollar pulls back as predicted

FXStreet Team FXStreet

Week Ahead Commodity Report: Gold, Silver & Crude Oil Price Forecast: 24 - 28 February 2020 [Video]

Gold prices soared within striking distance of $1700 an ounce on Monday – their highest level since February 2013, as rising Coronavirus fears sparked a rush for safe-havens.

The total number of people infected around the world climbed to more than 80,000 on Monday, across 30 countries. Italy now has the highest number of Coronavirus infections outside Asia, with 54 new cases reported in the country's northern region on Sunday, bringing the total to 283.

Elsewhere, over the weekend G-20 policy makers from the world’s largest economies announced that the fast-spreading virus is a major risk, which threatens to inflict a prolonged global economic slowdown.

The disruption comes at a fraught time for policy makers, who are struggling to find new ways to boost global economic growth when many of them are already operating with record-low interest rates, limiting their ability to provide stimulus through monetary policy. Read more...

Gold/U.S. Dollar pulls back as predicted

Gold prices had an incredible run within a short period from 1550.00 to 1690.00 in a Month an increase of 9% took its final three targets as highlighted in my previous update and fell to 1633.00. Gold prices bounced back, but upside moves were challenged at 1655.00 which saw prices pushed down between 1655.00 and 1640.00 range.
The precious metal is trading in a correction zone currently consolidating and needs to hold above 1655.00 to head back up. Gold prices could head down to 1630.00 and 1615.00 if it fails at 1640.00 support. Read more...

GOLD (XAUUSD) – Broken Above Multi-Year Key S/R Zone

After a brief pullback between August and November last year, bulls eventually managed to build enough positions and strength to push price through the long-term S/R zone that has acted as both support and resistance since 2011.

Trending Analysis

Our bias is bullish and weak pullbacks into the broken long-term resistance which now should act as support can offer potential trading opportunities to bulls. Read more...

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FXStreet Team

FXStreet

EUR/USD regains balance, targets 1.1800

EUR/USD has lost a bit of momentum after its earlier push higher and is now attempting to reclaim the key 1.1800 barrier on Monday. In the meantime, investors remain focused on the evolving US–EU trade relationship after President Trump’s announcement of sweeping global tariff hikes.

GBP/USD recedes from tops, back to 1.3500

GBP/USD is extending its move higher on Monday, meeting some resistance around 1.3530 on the back of the widespread bearish tone in the US Dollar amid ongoing uncertainty around tariffs. For now, traders are watching overall risk sentiment and central bank rhetoric for the next directional cue.

Gold advances to four-week highs, focus is on $5,200

Gold is holding onto its bullish tone on Monday, hovering near monthly highs well above the $5,100 mark per troy ounce. Fresh trade-war concerns, coupled with rising geopolitical tensions in the Middle East, are keeping demand for the yellow metal well on the rise.

Crypto Today: Bitcoin, Ethereum, XRP intensify sell-off as tariff uncertainty weighs

Bitcoin, Ethereum and Ripple are trading amid increasing selling pressure at the time of writing on Monday, as investors react to fresh trade uncertainty over US President Donald Trump’s push for more tariffs.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.