Gold Price News and Forecast: XAU/USD jumps to highest since Nov. 9

FXStreet Team FXStreet

The Chart of the Week: Gold's technical alure with ebbs and flow between here and $2,160

Gold has carved out a bullish technical picture across the monthly, weekly and daily time frames and investors will take note of the monthly 50% mean reversion coupled with an increase in net long positions.

In the meanwhile, the weekly picture has a market testing a critical resistance zone while the daily chart could be in the throes of forming an overextended W-formation.

The following is a top-down analysis of the structure of the market which derives at a wait-and-see scenario from a daily perspective, monitoring what could be the makings of the next swing trading opportunity.

Gold Price Analysis: XAU/USD jumps to highest since Nov. 9

Gold is trading at $1,915 per ounce at press time. That's the highest level in nearly two months.

The daily chart shows the metal is breaking out of a five-month falling channel represented by trendlines connecting Aug. 7 and Nov. 9 highs and Sept. 24 and Nov. 30 lows.

AUD/USD keeps range near mid-0.7100s as USD bulls await US CPI

AUD/USD steadies near mid-0.7100s in the Asian session on Friday, stalling the previous day's sharp decline to an over one-week low. The August PPI report reaffirmed Fed rate-hike bets and boosted the US Dollar on Thursday, which weighed heavily on the pair. However, hawkish RBA expectations limited losses for the Aussie as USD bulls now await the release of the US consumer inflation figures before placing fresh bets.

USD/JPY holds lower ground toward 154.00; looks to US CPI

USD/JPY holds lower ground toward 154.00 in the Asian session on Friday after hot Japanese PPI data bolster a more hawkish BoJ repricing and provide fresh impetus to the Japanese Yen. However, the downside appears capped as the US Dollar preserves overnight gains ahead of the latest US consumer inflation data.

Gold: Gains remain capped by $4,400

Gold regains composure and trades with decent gains on Friday, managing to refocus attention on the $4,440 mark per ounce troy. Therefore, the precious metal reverses Thursday’s decline as the US Dollar alternates gains with losses at the end of the week.

Ripple Price Forecast: XRP extends decline as returning ETF inflows fail to lift outlook

Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.

Weekly focus – The hawks set the tone

Risky assets came under pressure this week as energy prices kept creeping higher and the ECB surprised the markets with a hawkish tone. The price of Brent crude touched USD 110 per barrel on Thursday night, highest since mid-May, as news emerged that the Yemeni Houthis had reached control of key port cities and islands near the Bab el-Mandeb strait.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.