Gold Price News and Forecast: XAU/USD is consolidating gains below the 1660.00 level

Yohay Elam FXStreet

Gold Price Analysis: XAU/USD easing from 2020 highs, trades near $1640.00/oz

Gold daily chart

XAU/USD is trading in a bull trend above its main daily simple moving averages (SMAs) as the market is pulling back down from 2020 highs established two days ago.

Gold: Investors buying the safe-haven asset amid coronavirus outbreak

The gold futures lost 1.59% on Tuesday, as it erased its Monday’s rally. The price of gold has also retraced most of Friday’s advance, before closing 23 dollars above the daily low. It clearly shows how high short-term volatility is. Investors were buying the safe-haven asset amid corona virus outbreak, economic slowdown fears recently. But gold is retracing a big chunk of that rally after bouncing off $1,700 mark.

XAU/USD

Overview
Today last price	1648.78
Today Daily Change	18.97
Today Daily Change %	1.16
Today daily open	1629.81

Trends
Daily SMA20	1589.2
Daily SMA50	1557.67
Daily SMA100	1518.09
Daily SMA200	1478.06

Levels
Previous Daily High	1663.94
Previous Daily Low	1625.12
Previous Weekly High	1649.32
Previous Weekly Low	1578.88
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1639.95
Daily Fibonacci 61.8%	1649.11
Daily Pivot Point S1	1615.31
Daily Pivot Point S2	1600.8
Daily Pivot Point S3	1576.49
Daily Pivot Point R1	1654.13
Daily Pivot Point R2	1678.44
Daily Pivot Point R3	1692.95

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

AUD/USD consolidates above 0.7000; remains close to monthly top

AUD/USD holds steady above 0.7000 during the Asian session on Friday, trading just below the previous day's monthly low amid diverging forces. A hawkish RBA continues to support the Aussie, while the recent decline in US bond yields keeps the US Dollar depressed near a three-week low. However, oil-driven inflation fears reinforce Fed hike bets, which, along with geopolitical risks, could benefit the safe-haven buck and cap the currency pair.

USD/JPY bounces off one-month low; climbs to 157.00 amid reviving USD demand

USD/JPY rebounds from the 156.00 neighborhood, or a one-month low touched during Friday’s Asian session, with bulls looking to extend momentum beyond 157.00 amid the emergence of some US Dollar buying. Meanwhile, Japan's National CPI rose to a nine-month peak and reaffirmed BoJ rate-hike bets, which could support the Japanese Yen and cap gains for the currency pair.

Gold treads water around $4,000

Gold prices maintain its offered stance in place at the end of the week, hovering around the key $4,000 threshold per troy ounce. The persistent selling bias in the precious metal comes amid decent gains in the US Dollar and an acceptable rebound in US Treasury yields across the curve, all alongside further upside traction in crude oil prices.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

The French bond panic is overdone. Here's what the market is misreading

France's 10-year government bond yield has climbed above 5%, reigniting fears of a sovereign debt crisis in the Eurozone. With public debt exceeding €3.5 trillion, persistent budget deficits and a fragmented political landscape, investors are increasingly questioning the French government's ability to stabilize its finances.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.