Gold Price News and Forecast: XAU/USD is up more than 2% on Monday

FXStreet Team FXStreet

Gold price rockets ahead of Georgia senate election

Gold price soared to the highest level in two months as traders looked ahead to the upcoming run-off election in Georgia. This senatorial election will determine who will lead the senate in the first part of Joe Biden’s administration. If the Republicans win one of the two seats, it will mean that Senator Mitch McConnel will be the Senate majority leader. He will then be able to block most of Joe Biden’s agenda, including higher taxes, more regulations, and judicial appointments. On the other hand, if Democrats win, it will lead to the possibility of more stimulus, regulations, and higher taxes.

Gold Price Analysis: XAU/USD extends daily rally beyond $1,940

The XAU/USD pair opened sharply higher on the first day of 2021 and preserved its bullish momentum with the technical breakout attracting more buyers. As of writing, the pair was up 2.45% on a daily basis at $1,940.

EUR/USD remains offered below 1.1600, seems vulnerable near multi-month low

The EUR/USD pair struggles to capitalize on the overnight bounce from the 1.1530 region, or the lowest level since November 2025, and lower for the third consecutive day on Wednesday. Spot prices slide back below the 1.1600 mark during the Asian session and seem vulnerable to slide further.

GBP/USD slips below key averages as geopolitical risks mount

GBP/USD fell about 0.35% on Tuesday, settling around 1.3350 after slipping below the 200-day Exponential Moving Average for the first time since early December. The pair has pulled back sharply from its late-January high near 1.3870, shedding over 500 pips in a series of lower highs and lower lows.

Gold rebounds ahead of US ADP, will it last?

Gold finds renewed Asian bids and retests $5,230 early Wednesday after the heavy sell-off on Tuesday. The US Dollar stands tall amid escalating Middle East tensions and reduced dovish Fed expectations. Gold defends $5,000 or 50% Fibo level after facing rejection at the 78.6% Fibo resistance at $5,342 amid bullish RSI.

Bitcoin, Ethereum and Ripple struggle for direction as consolidation persists

Bitcoin, Ethereum and Ripple prices trade with a cautious tone at the time of writing on Wednesday as upside momentum continues to fade across the broader crypto market. BTC remains within a parallel channel, ETH struggles below key resistance, while XRP remains fragile within a descending channel. These top three cryptocurrencies by market capitalization continue to struggle to establish a directional bias amid the consolidation phase.

Energy shock 2.0: Why rising Gas prices could hit the Euro

Even without a confirmed, sustained disruption, the mere risk to a key global energy chokepoint is enough to inject a significant premium into European Gas markets. And for the Euro, that matters.

Ripple falters amid sell-off jitters and negative funding rates

Ripple (XRP) has come under pressure, drifting lower to $1.35 at the time of writing on Tuesday. The over 2% correction looks poised to erase the previous day’s gains, which lifted the remittance token to $1.42.