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.

USD/JPY eyes August swing low, near 155.20 ahead of US NFP

USD/JPY retests the August monthly swing low during the Asian session on Friday as a more hawkish repricing of BoJ rate-hike bets and a suspected intervention continue to underpin the Japanese Yen. Meanwhile, the US Dollar is seen consolidating the previous day's heavy losses amid soft US bond yields, further weighing on the currency pair as traders keenly await the US NFP report.

AUD/USD consolidates above 0.7200; US NFP awaited

AUD/USD holds steady above 0.7200, near its highest level since mid-May, as bulls await the US NFP report for more cues on the Fed's policy path before placing fresh bets. Meanwhile, the recent decline in US bond yields keeps the US Dollar depressed near its lowest level in over a week and acts as a tailwind for the Aussie amid the RBA's hawkish tilt.

Gold tumbles as blockbuster US NFP lift US Dollar, Treasury yields

Gold (XAU/USD) falls sharply on Friday, snapping a two-day recovery after the US Nonfarm Payrolls (NFP) report surprised strongly to the upside. The metal briefly climbed above $4,500 on Thursday, gaining nearly 2%, but has since erased a large part of that advance.

Crypto’s $638 million buyback boom may not be as bullish as it looks

Decentralized Finance (DeFi) protocols reportedly spent $638 million to buy back their native tokens in August, up 17% from a year earlier. On the surface, the buyback trend suggests the cryptocurrency industry is maturing fast, adopting one of Wall Street’s oldest tools to bolster valuations and distribute revenue. The headline becomes less impressive once the number is opened up.

Why hawkish Bank of Japan expectations aren't enough to sustain the Japanese Yen rally

The Japanese Yen (JPY) experienced a sudden burst higher after falling back below the 160.00 psychological mark against the US Dollar (USD) earlier this week amid a more hawkish repricing of Bank of Japan (BoJ) rate hike expectations.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.