Gold Price News and Forecast: XAU/USD hits new 7.5-year high

FXStreet Team FXStreet

Gold Price Analysis: Off intraday top, still on bulls’ radar above $1,750

Gold prices step back from the intraday top, also the highest since October 2012, up 1.06% on a day, while taking rounds to $1,760 amid the early Monday. Although pull back from the short-term ascending trend channel suggests the return of $1,748, the bullion’s further downside is likely to be capped by a two-week-old support line, at $1,740.

In a case where the bears sneak in around $1,740, the monthly support line, close to $1,706, will be the key to watch. Meanwhile, an upside break of the said channel’s resistance, at $1,768 now, might not hesitate to channel the year 2012 peak surrounding $1,795/96.

Gold extends four-day winning run, hits new 7.5-year high

Gold jumped to a fresh 7.5-year high on Monday even though Federal Reserve's President Jerome Powell ruled out negative rates and stock futures gained altitude. The yellow metal rose to $1,760 per ounce during the Asian trading hours to hit the highest level since November 2012, having eked out gains in each of the preceding four trading days.

The central bank remains averse to using negative interest rates to respond to the economic impact of the coronavirus pandemic, Federal Reserve's President Jerome Powell told CBS during a 60-minute interview held over the weekend.

GBP/USD clings to daily gains near 1.3350

GBP/USD holds just in positive territory around 1.3350 on Friday as the Greenback keeps a vacillating price action. With Fed rate hike expectations easing and US markets closed for the Independence Day holiday, Cable remains on track to post solid weekly gains.

EUR/USD remains sidelined around 1.1440

EUR/USD holds on to its recent gains and consolidates around 1.1440 at the end of the week as the US Dollar lacks clear direction. In the meantime, trading conditions remain subdued, with volatility constrained by the closure of US markets for the Independence Day holiday.

Gold flirts with two-week highs, targets $4,200

Gold extends its recovery for a third straight day, advancing toward the $4,200 mark per troy ounce on Friday. The precious metal looks set to snap a four-week losing streak as softer-than-expected June US NFP data prompt investors to scale back expectations of further Fed tightening.

Crypto Today: Bitcoin, Ethereum, XRP advance amid renewed capital inflows

Bitcoin maintains its upward momentum, holding above the $61,000 mark at the time of writing on Friday. Major altcoins such as Ethereum and Ripple are also posting gains, signaling a modest uptick in market sentiment and renewed risk appetite among investors.

The Iran war failed to trigger a recession. Can the US economy keep defying expectations?

Nearly four months after the start of the Iran war, the US economy remains remarkably resilient. While the conflict initially triggered a severe disruption to global energy markets and a sharp rise in Oil prices, recent diplomatic progress between Washington and Tehran has eased concerns about a prolonged supply shock.

Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.