Gold Price News and Forecast: XAU/USD holds onto modest gains

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD flatlines around $1840 as markets look forward to Biden inauguration

Spot gold prices (XAU/USD) have for the most part gone sideways on Tuesday, as markets digested what turned out to be a large as expected testimony from US Treasury Secretary nominee (and former Fed Chair) Janet Yellen. Per troy ounce spot prices have for the most part stuck within a few dollars of the $1840 mark and the precious metal is shaping up to finish the day with modest gains of about 0.1%.

XAU/USD

Overview
Today last price	1841.68
Today Daily Change	4.55
Today Daily Change %	0.25
Today daily open	1837.13

Trends
Daily SMA20	1878.57
Daily SMA50	1860.66
Daily SMA100	1886.17
Daily SMA200	1844.76

Levels
Previous Daily High	1840.86
Previous Daily Low	1802.8
Previous Weekly High	1863.83
Previous Weekly Low	1816.96
Previous Monthly High	1906.87
Previous Monthly Low	1775.52
Daily Fibonacci 38.2%	1826.32
Daily Fibonacci 61.8%	1817.34
Daily Pivot Point S1	1813
Daily Pivot Point S2	1788.87
Daily Pivot Point S3	1774.94
Daily Pivot Point R1	1851.06
Daily Pivot Point R2	1864.99
Daily Pivot Point R3	1889.12

Gold Price Analysis: XAU/USD holds onto modest gains, capped by the $1845 area

Gold is rising modestly on Tuesday, on the back of a weaker US dollar and US yields. It peaked on European hours at $1845 and recently at $1842. It is hovering around $1840, up for the second day in a row.

The yellow metal bottomed at $1833 and quickly rebounded; the move lower took place amid a correction in equity prices in Wall Street that trimmed gains.

EUR/USD looks sidelined below 1.1600

EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

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

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.