Gold Price News and Forecast: XAU/USD next resistance awaits at $1,963

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Gold Price Analysis: XAU/USD bounces with stocks, levels to watch – Confluence Detector

Gold has been on the rise, trading above $1,940 after struggling on lower ground. The precious metal is rising alongside stock markets. Investors are shrugging off concerns that a coronavirus vaccine may be delayed – AstraZeneca suspended its Phase 3 trial.

XAU/USD could be benefiting from hopes that Republicans and Democrats strike a deal and provide more relief. That may be due to worsening polling figures for President Donald Trump.

Gold holding At Ichimoku Cloud support

Gold’s daily ichimoku chart suggests some support for the precious metal. We can see that price is looking to hold above the green cloud (red ellipse) and that the black base line is moving sideways (orange ellipse) and not following price down. As long as this holds it is likely that gold has pulled back and not reversed direction.

EUR/USD struggles to regain momentum in the low1.1600s

EUR/USD is giving some signs of life in the aftermath of two severe days of losses on Wednesday, reclaiming the 1.1600 hurdle and above on the back of the resurgence of a mild selling bias around the US Dollar. Moving forward, the usual US weekly Claims will take centre stage on Thursday ahead of Friday’s crucial NFP data.

GBP/USD tests key moving averages as growth downgrade weighs

GBP/USD was nearly flat on Wednesday, edging up 0.08% to settle around 1.3370 in a quiet session. The pair has fallen sharply from its late-January high near 1.3870 and is now testing the 200-day Exponential Moving Average, with this week's one-week forex heatmap showing Pound Sterling as one of the worst performers against the US Dollar, down about 1.4% on the week.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.