Gold Price News and Forecast: XAU/USD next strong support awaits at $1760

FXStreet Team FXStreet

Gold Price Analysis: US NFP to be a key decider as quest for $1800 continues

Gold licks wounds following Wednesday’s dramatic $35 fall from eight-year highs of $1789.28. Solid US macro data and coronavirus vaccine hopes weighed on the safe-haven. Will the US NFP report revive the bullish interest in gold?

The Technical Confluences Indicator shows that a cluster of support levels are seen around $1765, which could continue to keep the buyers hopeful. That demand zone is the confluence of the Fibonacci 38.2% one-week, SMA 200 on one-hour and Fibonacci 23.6% one-day.

These are the times that call for gold

As third quarter trading kicks off following a tumultuous first half of the year, investors are hoping for an auspicious July.

Both stocks and precious metals posted impressive advances in the second quarter. The SP 500 finished the April-June period with a gain of nearly 20%, its best quarterly performance since 1998. The Dow Jones Industrials, meanwhile, posted its best quarter since 1987.

It’s worth noting that in 1998 – and more famously in 1987 – the stock market also suffered a sharp 20%+ decline during the second half of the year.

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EUR/USD stays in tight channel near 1.1800

EUR/USD moves sideways in a narrow band at around 1.1800 in the second half of the day on Friday as investors refrain from taking large positions. February inflation data from Germany and January Producer Price Index figures from the US could drive the pair's action heading into the weekend.

GBP/USD struggles below 1.3500 amid UK political drama, BoE easing bias

GBP/USD struggles to build on the overnight modest bounce from the weekly low and oscillates in a narrow band below 1.3500 on Friday. The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK, along with the BoE easing expectations, acting as a headwind for the GBP.

Gold flat lines below $5,200; traders look to US PPI for fresh impetus

Gold struggles to capitalize on its modest gains registered over the past two days and trades below the $5,200 mark through the first half of the European session on Friday. Geopolitical risks remain in play amid a large US naval and air power buildup in the Middle East.

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.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.