Gold Price News and Forecast: XAU/USD has another cushion at $1,848

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD is entering technical crossroads

Gold has been under pressure in recent days, hit most recently by news that AstraZeneca is joining Moderna and Pfizer/BioNTech in reporting upbeat vaccine results. If the world is heading toward immunization from COVID-19, the need for fiscal and monetary stimulus is diminishing.

On the other hand, the virus continues spreading, causing economic damage which could urge policymakers to act. Additional funds could eventually flow to the previous metal.

Gold meets minor support at the November low at 1850/49

Gold meets minor support at the November low at 1850/49. A break below support at the September low at 1848/47 is a sell signal initially targeting 1835.

First resistance at 1863/65. A break higher however targets 1872/74 then a selling opportunity at 1882/84, with stops above 1890.

EUR/USD: Breakdown below trading range support near 1.1770 comes into play

The EUR/USD pair opens with a bearish gap at the start of a new week as the US-Iran war-led global flight to safety boosts the US Dollar. Spot prices, however, lack follow-through selling and manage to hold above mid-1.1700s during the Asian session.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold jumps over 2% toward $5,400 after US, Israel attack Iran

Gold is on fire at the start of the week, a widely expected move, as investors seek harbor in the traditional store of value, following the continued US and Israel attacks on Iran. The bright metal opened with a bullish gap of about $17 and rallied toward the $5,400 level as Asian traders hit their desks and reacted negatively to the weekend news of the Middle East conflict, rushing for cover in Gold.

Top Crypto Losers: Tezos, Toncoin, and Polkadot at crucial levels amid US-Israel strike on Iran

Altcoins such as Tezos, Toncoin, and Polkadot rank among the worst hit cryptocurrencies over the last 24 hours amid the US and Israel's attack on Iran. Tezos and Toncoin are down to crucial support levels while Polkadot remains near a crucial resistance trendline, showcasing underlying strength.

Crisis in the Middle East: The market reaction

Geopolitics and events between Iran, the US and the wider Middle East will dominate financial markets on Monday. The situation has continued to escalate as we move through Sunday. Bombing has continued across the UAE and into Iraq, the US has confirmed the deaths of several US servicemen, and a US sanctioned oil tanker has been hit in Oman.

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.