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.

EUR/USD falls to near 1.1600 due to persistent bearish bias

EUR/USD depreciates after registering modest gains in the previous session, trading around 1.1610 during the Asian hours on Thursday. The technical analysis of the daily chart suggests a persistent bearish bias as the EUR/USD pair remains within the descending channel pattern.

GBP/USD underperforms as UK faces stagflation risks amid Middle East war

The Pound Sterling trades lower against its major currency peers, is down 0.22% around 1.3340 against the US Dollar, during the Asian trade on Thursday. The British currency faces selling pressures amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, a situation in which inflation accelerates with economic growth and employment conditions remaining stagnant.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Top Crypto Gainers: Decred, Zcash, and Dogecoin lead recovery as Bitcoin crosses $72,000

Bitcoin trades above $72,500 at press time on Thursday, holding its 6% gain from the previous day, contributing to a broader market recovery. The total cryptocurrency market capitalization stands at over $2.43 trillion as the broader market sentiment improves significantly.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.