Gold Price News and Forecast: XAU/USD hits record high in Euro terms

FXStreet Team FXStreet

Gold Price Analysis: Yellow metal hits record high in Euro terms

A combination of gold price rally in the US dollar terms and a sell-off in EUR/USD has pushed the yellow metal to record highs in the single currency terms. XAU/EUR or gold in EUR terms is currently trading at 1,490 per Oz, having hit a lifetime high of 1,494 during the overnight trade.

Gold rose to a fresh seven-year high of $1,613 earlier today, taking the cumulative year-to-date gains to over 5%. Notably, prices have risen by more than 4 percent from $1,547 to above $1,600 over the last two weeks on coronavirus fears and the resulting haven demand.

Gold Price Analysis: Pulls back amid overbought RSI, multiple upside barriers ahead

Gold prices decline to $1,606 during the early Thursday. The yellow metal surged to the highest since March 2013 the previous day but failed to hold onto gains due to the overbought RSI conditions.

As a result, sellers are now awaiting a downside break of $1,600 to aim for the early-month high nearing $1,594. However, 21-day SMA and an upward sloping trend line from December 2019, around $1,577 and $1,572 respectively, will limit the bullion’s further declines.

EUR/USD weakens toward 1.1600 as firm US data revives the US Dollar

The EUR/USD edged lower on Thursday, down some 0.21% as market sentiment remains risk averse due to the ongoing conflict in the Middle East. This and solid US economic data pushed the pair lower towards the 1.1600 figure ahead of Friday’s session.

GBP/USD drifts lower heading into NFP range

GBP/USD edged lower by 0.2% on Thursday, settling close to 1.3350 in a strained trading session that kept the pair pinned near three-month lows. Price briefly recovered earlier in the day on reports that Iran had indirectly signaled openness to talks with the CIA, but the bounce faded as Israeli officials reportedly advised Washington to disregard the overture.

Gold slumps below $5,100 as US Dollar gains

Gold price tumbles to near $5,085 during the early Asian session on Friday. The precious metal loses ground amid a stronger US Dollar. The US employment report for February will take center stage later on Friday.

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Two PMIs, two Chinas

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Ripple tests recovery strength amid steady ETF inflows, growing retail interest

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