Gold Price News and Forecast: XAU/USD extends slide amid risk appetite

FXStreet Team FXStreet

Gold drops to lowest in almost two weeks, near $1710

Gold prices extended losses after the beginning of the American session and bottomed at $1709/oz, the lowest level since May 13. It is hovering around $1712, down $15 for the day so far.

The decline took place as equity prices rally in Wall Street. The Dow Jones gains 2.35% while European markets posted gains of 1.65% on average. The surprise regarding gold’s performance is related to the US dollar. The greenback is falling sharply across the board, and it is even losing ground versus the Japanese yen. Usually, XAU/USD benefits from a weaker dollar, but it is not the case on Tuesday.

Gold Price Analysis: 4-hour bull flag pattern is holding as the price moves lower toward $1700

Gold has pulled back on Tuesday as the risk theme turns positive and equities rise. The US dollar has weakened significantly over the session but this has not helped the yellow metal recover from trading near session lows of USD 1708.80 per troy ounce.

Looking at the chart patterns in black you can see the bull flag pattern is still intact. As the price is at the lower end of the pattern any breach would invalidate the structure and surely mean the prices could be heading lower. The blue internal trendline has already been taken out but the losses seem to have been stemmed by the 200 simple moving average (SMA).

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.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

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