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 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.

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.