Gold Price News and Forecast: XAU/USD jumps $15 to renew nine-year highs above $1865

FXStreet Team FXStreet

Breaking: Gold jumps $15 to renew nine-year highs above $1865

Gold (XAU/USD) bulls remained unstoppable, as the yellow metal rallied nearly $15 in a matter of 15 minutes. The spot refreshed the highest levels in nine years at $1866.90. The persistent weakness seen in the US dollar across the board continued to bode well for gold, as markets cheered additional US stimulus talks and EU fiscal deal.

Traders remain hopeful that the massive global economic stimulus deployed will help stage a quicker rebound. These expectations continue to diminish the safe-haven bids for the US dollar.

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Gold Price Analysis: XAU/USD rises over 1%, nears rising wedge hurdle

Gold is flashing green for the fourth straight day. At press time, the yellow metal is trading at $1,862 per ounce, representing a 1.10% gain on the day. Prices gained 1.28%, 0.48%, and 0.68% on Tuesday, Monday, and Friday, respectively.

The metal printed a session high of $1,866 a few minutes ago and nearly tested the upper end of the rising wedge pattern, represented by trendlines connecting March 20 and June 5 lows and March 9 and April 14 highs. The technical bias would turn bearish if the metal dives out of the rising wedge pattern. At press time, the lower end or support of the rising wedge is located at $1,803. The support would shift higher to $1,825 by the end of July.

GBP/USD climbs to two-day highs past 1.3200

GBP/USD picks up extra pace and surpasses the 1.3200 threshold on Thursday. That said, Cable manages to shrug off initial weakness and regain balance on the back of the fresh selling pressure hurting the Greenback.

EUR/USD stays consolidative around 1.1370

EUR/USD regains momentum and trades with modest gains around 1.1370 ahead of the opening bell in Asia. The pair sets aside three daily declines in a row and picks up pace on the back of the lacklustre performance of the US Dollar, particularly after US data failed to reinforce Fed rate hike bets.

Gold declines below $4,050 as US PCE inflation supports Fed hike bets

Gold price declines to around $4,020 during the early Asian session on Friday. The precious metal extends the decline as traders have ramped up bets of a US rate hike. The Michigan Consumer Sentiment Index report is due later on Friday. Also, Federal Reserve New York President John Williams and Fed Bank of Minneapolis President Neel Kashkari are set to speak.

Uniswap adds $150M in Spark stablecoin liquidity, launches no-code token auction tool

Uniswap received $150 million in stablecoin liquidity from Spark, with the assets set to transition to DualPool, a new custom liquidity hook, according to an announcement on Thursday. Under the new setup, liquidity providers will be able to earn swap fees while their underlying assets continue generating yield, eliminating the need to choose between the two.

Micron prints perfect, and now the chart has to answer

Memory’s biggest name just delivered the cleanest quarter of its life, and the most interesting thing about it is that the stock isn’t sure what to do with it. Micron closed out fiscal Q3 with revenue of $41.5 billion, up 346% on the year, a fifth straight record. Gross margin came in at 84.9%, up from 39% the same quarter a year ago. Earnings landed at $25.11 against a Street sitting near $20.49.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.