Gold Price News and Forecast: XAU/USD picks up bids toward $1,900

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD picks up bids toward $1,900 as stimulus news propel risk

Gold prices rise to $1,888 during the early Asian session on Thursday. The yellow metal snapped the previous two days’ advances on Wednesday before closing the day around $1,885. While the US dollar weakness initially pleased the bullion buyers, risk-on sentiment propelled Wall Street benchmarks, which in turn drove funds toward the high-yielding assets.

Even if US House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin failed to agree on the much-awaited aid package, for which Democrats bid for $2.2 trillion, the recent passage of stopgap funding and a one-day leeway to the stimulus talks keep markets hopeful.

XAU/USD

Overview
Today last price	1890.42
Today Daily Change	4.52
Today Daily Change %	0.24
Today daily open	1885.9

Trends
Daily SMA20	1919.67
Daily SMA50	1945.26
Daily SMA100	1850.91
Daily SMA200	1730.83

Levels
Previous Daily High	1902.36
Previous Daily Low	1881.52
Previous Weekly High	1955.66
Previous Weekly Low	1848.84
Previous Monthly High	1992.42
Previous Monthly Low	1848.82
Daily Fibonacci 38.2%	1889.48
Daily Fibonacci 61.8%	1894.4
Daily Pivot Point S1	1877.49
Daily Pivot Point S2	1869.09
Daily Pivot Point S3	1856.65
Daily Pivot Point R1	1898.33
Daily Pivot Point R2	1910.77
Daily Pivot Point R3	1919.17

AUG (gold/silver ratio) showing a five waves from 03.18.2020

The following chart represented the advance in the Ratio since the old-time lows, and show how the Blue Box area was reached. Meaning a change in dynamics and how we see the relationship between Gold and Silver. The Ratio trading higher means that Gold holds the value more than Silver. But most important means the $USDX is supported.

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold targets $4,300 amid stronger Dollar

Gold faces increasing selling interest and navigates the area of three-month lows near the $4,300 mark per troy ounce on Friday. The precious metal’s decline comes as traders assess the stronger-than-expected NFP, while the bid bias in the Greenback and higher US Treasury yields also collaborate with the retracement.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.