Gold Price News and Forecast: XAU/USD is starting the week with a modest push lower

FXStreet Team FXStreet

Gold Price Analysis: Gold stalls due to the positive risk tone and fails to capitalise on the weaker US dollar

Risk sentiment is positive at the start of the week as all of major Asian, EU and American bourses trade higher. Gold has fallen today off the back of the aforementioned risk tone and failed to capitalise on the weakness in the greenback (USD). In the FX world, the US dollar underperformed especially against the EM currencies. USD/ZAR is down almost 1%, USD/INR and USD/RUB are both negative on the session too.

It seems that the fact that more countries have plans to open their respective economies is one of the main factors in the positive mood. Although, New York mayor Cuomo has said the state will not be ready to even look at opening some parts of the area till the middle of May. Italy which is been the second most affected country has announced their plans to reopen more of their economy too.

Gold Price Analysis: XAU/USD trading off 2020 highs, holding above $1700/oz

XAU/USD is consolidating the last bullish leg while trading above the main SMAs on the four-hour chart. Although the market didn’t reach the last swing high near 1748, XAU/USD maintains a strong bullish momentum as bulls are still eyeing a break above the 1740.00 level on a daily closing basis which could open the doors toward the 1740 and 1780/1800 resistance zone. On the flip side, support is expected to hold near 1700/1690 price level in the medium-term. Further down lies the 1660 level.

EUR/USD slumps below 1.1750 as USD benefits from risk-aversion

EUR/USD comes under renewed bearish pressure in the European session and trades below 1.1750 following a recovery attempt earlier in the day. The US Dollar gathers strength and weighs on the pair as investors seek refuge in the wake of Israel and the United States' joint attack on Iran.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold surges on safe-haven demand, tests $5,400

Gold benefits from intense risk-aversion on Monday and climbs to the $5,400 region, setting a fresh monthly-high in the process. Tensions in the Middle East remain high as Israel and Hezbollah continue to exchange strikes following the US-Israel joint attack on Iran over the weekend.

Bitcoin on brink of breakdown amid US-Iran war

Bitcoin (BTC) remains under pressure near the key support level of $65,700. Trading at $66,400 at the time of writing on Monday, a breakdown below this critical level would suggest a deeper correction ahead.

The week ahead: Conflict in the Middle East jolts markets

Events in the Middle East are obviously dominating financial markets this morning. The Brent crude oil price is extending gains and is higher by more than 8%, stock futures are pointing lower and the gold price is higher by more than 2%.

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.