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.

EUR/USD struggles to build on recent rebound, holds above 1.1550

EUR/USD trades marginally lower on the day but holds above 1.1550 in the American session, following Thursday's rebound. The pair holds near its intraday high as the US Dollar remains pressured by hopes the Middle East conflict will soon come to an end.

GBP/USD hovers around 1.3400 as investors await war clarity

GBP/USD remains near its daily open, not far from 1.3400, in the second half of Friday's session. The US Dollar lost its previous intraday strength and weakens as investors await clarity on the US-Iran war.

Gold stabilizes above $4,200 as wait-and-see continues

After rising more than 3% on Thursday, Gold (XAU/USD) stabilized around the $4,200 mark in the American session on Friday. The US dollar seesaws between gains and losses, but remains within familiar levels as investors remain skeptical yet hopeful about a resolution to the Middle East conflict.

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

SpaceX launches 24% higher at Friday debut

Space Exploration Technologies (SPCX), aka SpaceX, zoomed 24% higher soon after the start of its first IPO trading day on Friday. Shares of the rocket and artificial intelligence (AI) company founded by Elon Musk began trading at about 11:46 am EST and quickly gained speed.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.