Gold Price News and Forecast: XAU/USD downside aims for 1,850

FXStreet Team FXStreet

Gold Price Prediction: XAU/USD downside aims for 1,850

Gold closed the trading this week at 1,897, as reported on Saturday. The rally above 1,900 was mainly attributed to the news that the US President, Donald Trump, had tested positive for COVID-19. Trump’s doctor said that he is “doing very well” but must stay in the hospital for a few days. However, uncertainty continues to mount in the stock market over Trump’s illness and the presidential election only a few weeks away. However, many analysts expect that gold will capitalize on this uncertainty to post gains in the coming days.

Looking at the 4-hour chart, XAU/USD is hanging in the balance after rejection from 1,900. The formation of a bear flag pattern adds credence to the downward momentum. If the pattern’s support gives in after the markets open on Monday, the precious metal could dive much lower.

Gold Weekly Forecast: The price is close to an important resistance level leading into next week

The weekly chart below shows the black resistance line at the old September 2011 high of USD 1920.94 per troy ounce. It is interesting that this area has come back to haunt the bulls but a break and close above on the daily chart could be significant. It would then be the start of the confirmation that the retracement is over.

This week the price came very close to testing the resistance area and stopped just short at USD 1917.10. Although the shadows (wicks) of the previous few weeks candles come slightly lower down.

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.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.