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.

AUD/USD looks bid; retargets 0.7000

AUD/USD has managed to regain the 0.6900 hurdle and beyond in quite an auspicious start to the new trading week. The pair’s marked recovery has come on the back of the resurgence of the geopolitics-led selling pressure on the Greenback ahead of the release of key US CPI prints on Tuesday.

USD/JPY retreat in sync with USD, appraches 158.00

USD/JPY is back in the red at the start of the week on Monday, eyeing the broad US Dollar retreat amid easing US-Iran tensions. Traders also resorting to profit-taking following the blockbuster US Nonfarm Payrolls data-led rally. US CPI report is next in focus.

Gold keeps the bid tone near $4,100

Gold resumes its recovery on Monday, hovering around the $4,100 region per troy ounce. The precious metal’s solid performance comes amid fresh downside pressure on the US Dollar, rising US Treasury yields and a marked retracement in crude oil prices.

Ethereum Price Forecast: ETH drops to $2,100 as community debates Vitalik Buterin's SoV pitch

Ethereum (ETH) is down 4.6% on Monday as the crypto community debated co-founder Vitalik Buterin's argument that the top altcoin's long-term value should come from its store-of-value (SoV) properties rather than transaction fee burning.

Two Huangs don’t make a right: Nvidia CEO caught in scandal – NVDA slides

Nvidia CEO Jensen Huang sent employees an apology for being unfaithful to his wife, following reports that he may have been targeted in a foreign intelligence operation. Why is Nvidia trading roughly 5–6% below Friday’s close in the overnight market? And – more importantly – does this actually matter to the AI trade?

Gold reclaimed $4,100. Tuesday’s CPI test decides if it holds

Gold (XAU/USD) starts the week on a positive note, reclaiming the $4,100 psychological level as the US Dollar (USD) retreats from its recent highs. The precious metal recovers from Friday's losses, although investors remain cautious ahead of Tuesday's US Consumer Price Index (CPI) report, which could determine the next direction for Bullion.