Gold Price News and Forecast: XAU/USD hit an eight-year high before falling down back to previous levels

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Gold Price Analysis: XAU/USD faces wall of resistance as silver remains in focus – Confluence Detector

The frenzy in stock markets has moved from GameStop and AMC to silver prices. XAG/USD hit an eight-year high before falling down back to previous levels. In the meantime, President Joe Biden is pushing to "go big" on stimulus, but instead of boosting gold, it is causing a sell-off in bonds. In turn, higher Treasury yields make the dollar more attractive.

How is XAU/USD positioned on the technical graphs?

The Technical Confluences Indicator is showing that the precious metal faces some resistance around $1,843, which is a cluster including the Bollinger Band 1h-Upper, the Simple Moving Average 10-4h and the Fibonacci 38.2% one-day.

ADP impresses, Crude rally continues, Gold stumbles on strong US data

US stocks initially pushed higher on big-tech earnings, expectations Senate Democrats will pass Biden's stimulus plan on a party-line vote, and after the ADP private payroll report shows the labor market rebounded in January. The morning rally fizzled at the open as some investors quickly headed for the sidelines and cashed out on their FAANG stocks now that tech is done with all their major earnings results. Adding to the market nervousness was the nice pop that the Reddit-fueled retail army gave to GameStop, AMC, Koss, and silver bets. The conviction behind these social-media driven retail trades look more like a dead-cat bounce, except for silver. Silver has strong fundamentals given the industrial demand outlook for the remainder of the year.

GBP/USD flirts with two-day lows near 1.3180

GBP/USD remains on the back foot in the latter part of Tuesday’s session, sliding to the sub-1.3200 area and challenging weekly lows. Cable’s decline comes as investors assess the political uncertainty in the UK, coupled with softer-than-expected UK PMI data and the better tone in the Greenback.

EUR/USD weakens below 1.1400 on stronger Dollar

EUR/USD adds to Monday’s losses and recedes below the 1.1400 support to clinch fresh 13-month lows in the latter part of Tuesday’s NA session. The pair’s marked sell-off comes on the back of the persistent move higher in th US Dollar, always propped up by rising bets of further tightening by the Fed.

Gold appears supported near $4,100 for now

Gold rapidly reverses Monday's bounce and is trading sharply lower on Tuesday. The yellow metal, however, manages well to keep business above the $4,100 mark per troy ounce despite a firmer US Dollar and expectations that the Fed will keep rates higher for longer.

Bittensor and Near Protocol Outlook: AI-linked tokens face deeper sell-off

The cryptocurrency market trades amid increasing sell-side pressure on Tuesday, reflecting a broader deterioration in sentiment and appetite for risk assets. Artificial Intelligence (AI)-linked tokens such as Bittensor (TAO) and Near Protocol (NEAR) exhibit both fundamental and technical weaknesses, trading at $217 and $1.99, respectively.

"Rearranging the deckchairs on the Titanic": UK's fiscal crisis outlasts another Prime Minister

Keir Starmer's resignation as the UK Prime Minister comes ten years after the Brexit referendum vote, a coincidence that financial markets have been quick to note. The British Pound trades around 1.3220 against the US Dollar on Thursday.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.