Gold Price News and Forecast: XAU/USD falls through long-term support

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD attempts a tepid bounce above $1860, not out of the woods yet

The recovery in gold (XAU/USD) from weekly lows of $1852.80 has regained traction in the Asian trades this Friday, as the sentiment on the global markets remains sour amid stimulus concerns and growing covid fears.

The ultimate safe-haven, gold, is benefiting from a risk-off environment induced by US Treasury Secretary Steven Mnuchin’s abrupt call to end most of the covid crisis-response programs the Fed deemed vital to keeping the economy stable.

XAU/USD

Overview
Today last price	1867.69
Today Daily Change	0.95
Today Daily Change %	0.05
Today daily open	1866.74

Trends
Daily SMA20	1890.76
Daily SMA50	1901.22
Daily SMA100	1908.78
Daily SMA200	1792.47

Levels
Previous Daily High	1874.12
Previous Daily Low	1852.8
Previous Weekly High	1965.58
Previous Weekly Low	1850.56
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1860.94
Daily Fibonacci 61.8%	1865.98
Daily Pivot Point S1	1854.99
Daily Pivot Point S2	1843.23
Daily Pivot Point S3	1833.67
Daily Pivot Point R1	1876.31
Daily Pivot Point R2	1885.87
Daily Pivot Point R3	1897.63

China leaves rates unchanged, gold falls through long-term support

Gold's unimpressive price action continues, despite the positive news from Washington DC. Having dropped to $1850.00 overnight, it could not recover all of those losses as the fiscal talk headlines hit the wires. It finished the session 0.35% lower at $1866.00 an ounce.

Gold has now broken trendline support at $1871.00 an ounce, that extends back to April. The daily close below this level is a negative technical development. Gold has initial support at $1850.00 an ounce, but the technical picture suggests losses have the potential to extend all the way to its 200-DMA, today at $1794.00 an ounce. Resistance is at today at $1874.00 an ounce, followed by $1900.00 an ounce.

EUR/USD bears Flirt with 61.8% Fibo. support near 1.1775 area

The EUR/USD pair extends the previous day's late pullback from the 1.1835 region and attracts some follow-through selling during the Asian session on Tuesday. Spot prices currently trade around the 1.1775-1.1770 area, down nearly 0.15% for the day amid a modest US Dollar strength.

GBP/USD holds losses below 1.3500 due to BoE rate cut bets

GBP/USD edges lower after two days of gains, trading around 1.3480 during the Asian hours on Tuesday. The pair declines as the US Dollar rebounds from losses recorded over the previous two sessions. Traders will focus on the US ADP Employment Change four-week average later in the day, along with speeches from Federal Reserve officials.

Gold down but not out as key $5,140 support holds

Gold consolidates the advance to monthly top of $5,250 in Tuesday’s Asian trades. The US Dollar finds demand as liquidity returns and risk sentiment recovers, despite US tariffs uncertainty. Gold defends 61.8% Fibo resistance at $5,142 amid the pullback, daily RSI remains bullish.

Top Crypto Losers: BCH, HYPE, PUMP extend losses as Bitcoin drops below $64,000

Altcoins, including Bitcoin Cash, Hyperliquid, and Pump.fun, are leading losses over the last 24 hours as Bitcoin falls below $64,000 on Tuesday. The technical outlook for BCH, HYPE, and PUMP flags downside risk amid broader market selling.

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.