Gold Price News and Forecast: XAU/USD needs fresh push to excel beyond $1,900

FXStreet Team FXStreet

XAU/USD advances beyond $1,900 and turns positive on the day

Gold prices are pushing higher during the late US session on Thursday, reaching session highs in the vicinity of $1,910 in spite of the generalized US dollar strength. The precious metal seems to be taking advantage of its safe-haven status in a risk-off session.

XAU/USD has regained lost ground during the US trading session extending its recovery past $1.900 amid a general rush for safety. Investor’s fears about tighter coronavirus restrictions in the world’s major economies and the vanishing hopes of significant progress in the Brexit deal are increasing demand for gold.

Gold Price Analysis: XAU/USD needs fresh push to excel beyond $1,900

Gold eases from the intraday high around $1,909 to $1,907.62 amid the initial Asian session on Friday. In doing so, the yellow metal probes the previous two days’ recovery moves amid consolidation in risk sentiment. Though, the latest pullback doesn’t clear the bullion’s earlier rise on safe-haven demand, mainly backed by the lack of stimulus from the US and the coronavirus (COVID-19) worries emanating from Europe. Also in the line are Brexit headlines and the recent US-China tension.

Even if the US dollar index (DXY) surged to the highest in three weeks on Thursday, gold prices, which generally have a negative correlation with the greenback, didn’t weaken. The reason could be spotted from the ballooning amount of global debt with negative yields, as spotted by macro analyst Holger Zschaepitz.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

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