Gold Price News and Forecast: XAU/USD drops below $1,740 despite USD selloff

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD stays depressed below $1,750 amid mixed sentiment

Gold remains pressured around $1,736 amid the initial Asian session trading on Thursday. The yellow metal dropped for three days in the last four even as the US dollar index (DXY) remains dismal around a one-month low. The reason could be traced from vaccine jitters as well as a lack of major news in the market.

Although DXY dropped to the lowest since March 18, gold stays pressured as markets remain unimpressed by a lack of major data/events as well as the market’s wait for US President Joe Biden’s $2.25 trillion infrastructure package.

XAG/USD

Overview
Today last price	25.4
Today Daily Change	0.07
Today Daily Change %	0.28
Today daily open	25.33

Trends
Daily SMA20	25.23
Daily SMA50	26.13
Daily SMA100	25.71
Daily SMA200	25.15

Levels
Previous Daily High	25.48
Previous Daily Low	24.68
Previous Weekly High	25.62
Previous Weekly Low	24.61
Previous Monthly High	27.08
Previous Monthly Low	23.78
Daily Fibonacci 38.2%	25.18
Daily Fibonacci 61.8%	24.99
Daily Pivot Point S1	24.85
Daily Pivot Point S2	24.37
Daily Pivot Point S3	24.05
Daily Pivot Point R1	25.65
Daily Pivot Point R2	25.97
Daily Pivot Point R3	26.45

Gold Price Analysis: XAU/USD drops below $1,740 despite USD selloff

After edging higher to $1,750 area earlier in the day, the XAU/USD pair lost its traction during the American session and was last seen trading at $1,735, losing 0.45% on a daily basis. Despite the broad-based selling pressure surrounding the greenback, a more-than-1% increase seen in the benchmark 10-year US Treasury bond yield is making it difficult for gold to attract investors.

EUR/USD weakens toward 1.1600 as firm US data revives the US Dollar

The EUR/USD edged lower on Thursday, down some 0.21% as market sentiment remains risk averse due to the ongoing conflict in the Middle East. This and solid US economic data pushed the pair lower towards the 1.1600 figure ahead of Friday’s session.

GBP/USD drifts lower heading into NFP range

GBP/USD edged lower by 0.2% on Thursday, settling close to 1.3350 in a strained trading session that kept the pair pinned near three-month lows. Price briefly recovered earlier in the day on reports that Iran had indirectly signaled openness to talks with the CIA, but the bounce faded as Israeli officials reportedly advised Washington to disregard the overture.

Gold slumps below $5,100 as US Dollar gains

Gold price tumbles to near $5,085 during the early Asian session on Friday. The precious metal loses ground amid a stronger US Dollar. The US employment report for February will take center stage later on Friday.

NYSE parent Intercontinental Exchange partners with OKX, invests at a $25B valuation

OKX announced an investment from Intercontinental Exchange, raising its valuation to $25 billion, alongside a partnership to expand regulated crypto futures and tokenized equity offerings globally.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.