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.

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.