Gold Price News and Forecast: XAU/USD expected to reach 38.2% Fibonacci of the sharp bearish impulse


Gold Price Analysis: XAU/USD dives out of a bear flag despite President Trump's impeachment

Gold is trading near $1,848 per ounce at press time, representing a 018% gain on the day. The yellow metal printed a low of $1,842 during the overnight trade and confirmed a bear flag breakdown, a bearish continuation pattern, on the 4-hour chart despite the political turmoil in Washington. 

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Gold Price Analysis: XAU/USD's recovery at odds with the US dollar's daily chart

The price of gold has started to stabilise and retrace a very sharp bearish impulse from the $1910/20 area. It has been a US dollar story for the most part which has driven the value of the precious metal lower, in a move sparked off by rising US yields. 

"Positioning data immediately following last week's surprise Blue Sweep highlights just how little dry-powder gold bugs had remaining," analysts at TD Securities explained. 

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EUR/USD hits fresh one-month low amid souring market mood

EUR/USD has been extending its falls and dips below 1.21 as US retail sales badly disappointed and the worsening mood is supporting the safe-haven dollar. Markets digest Biden's stimulus plan. US Consumer Sentiment declined to 59.2 points. 

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GBP/USD retreats toward 1.36 amid fresh dollar strength

GBP/US has pared its gains and falls toward 1.36 as the dollar gains ground. The UK economy shrank by 2.6% in November, better than estimated. The UK is ramping up its vaccination campaign and PM Johnson is pressured to ease the lockdown. 

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Gold extends sideways grind near $1,850

The XAU/USD pair registered small daily gains on Thursday but struggled to extend its recovery amid a lack of significant fundamental drivers on Friday. As of writing, the pair was up 0.15% on a daily basis at $1,849.

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Forex Today: Markets “sell the fact” on Biden's stimulus, dollar rises, retail sales eyed

Markets are on the back foot after Biden hinted about tax hikes while introducing stimulus. The safe-haven dollar is edging higher despite Powell's pledge to keep monetary policy accommodative. 

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DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

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