Gold Price News and Forecast: XAU/USD looks to capitalize on safe-haven flows amid Wall Street chaos

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD fills the gap above $1,850 inside immediate ascending triangle

Gold drops to $1,851.39 while trimming the gains to 0.50% during Monday’s Asian session. In doing so, the yellow metal stays inside a short-term ascending triangle.

Given the bearish MACD favoring the quote’s further downside, gold sellers will wait for a clear break of the triangle’s support, currently around $1,840, for fresh entries. Following that, the previous week’s low near $1,830 and January’s low near $1,802, also the $1,800 threshold, can entertain the commodity sellers.

Gold Weekly Forecast: XAU/USD looks to capitalize on safe-haven flows amid Wall Street chaos

After gaining more than 1% in the previous week, the XAU/USD pair struggled to preserve its bullish momentum and edged lower during the first half of the week. Although the pair staged a rebound and rose above $1,860 on Thursday from the weekly low it set at $1,831 on Wednesday, it couldn't close the day in the positive territory. With buyers remaining in control on Friday, the pair closed the week virtually flat slightly above $1,850.

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.