Gold Price News and Forecast: XAU/USD probes weekly resistance trendline above $1,700

FXStreet Team FXStreet

Gold drops from fresh weekly top to intraday low around $1,710 amid mixed catalysts

Gold prices seesaw in the last hour, from the fresh weekly top of $1,719.38 to intraday low of $1,709.36, during the early Thursday. While upbeat comments from the PMs of Australia and New Zealand might have escalated the previous day’s risk-on, fears emanating from China and the US seem to check the optimists.

In addition to the Aussie PM Morrison’s signal to ease the lockdown, upbeat preliminary figures of Australian trade data for March might also have contributed positively to the risks. Further, New Zealand PM Jacinda Ardern also said that her government is looking at all options to stimulate the economy.

XAU/USD

Overview
Today last price	1710.78
Today Daily Change	-3.42
Today Daily Change %	-0.20
Today daily open	1714.2

Trends
Daily SMA20	1659.37
Daily SMA50	1621.51
Daily SMA100	1575.95
Daily SMA200	1531.06

Levels
Previous Daily High	1718.74
Previous Daily Low	1680.24
Previous Weekly High	1747.82
Previous Weekly Low	1679.7
Previous Monthly High	1703.27
Previous Monthly Low	1451.3
Daily Fibonacci 38.2%	1704.03
Daily Fibonacci 61.8%	1694.95
Daily Pivot Point S1	1690.05
Daily Pivot Point S2	1665.89
Daily Pivot Point S3	1651.55
Daily Pivot Point R1	1728.55
Daily Pivot Point R2	1742.89
Daily Pivot Point R3	1767.05

Gold Price Analysis: Probes weekly resistance trendline above $1,700

Following its surge from $1,660, Gold stays an inch closer to the weekly resistance trend line while taking rounds to $1,714 amid the early Thursday morning in Asia. Not only a seven-day-old falling trend line but MACD histogram also questions the bullion’s further run-up beyond $1,719 trend line resistance. As a result, sellers will look for entries below the immediate support line, currently around $1,697.50, while targeting to revisit the $1,660 area.

Meanwhile, an upside clearance of $1,719 will have to cross $1,739/40 horizontal area before questioning the mid-month top, also a multi-year high, near $1,748.

AUD/USD consolidates above 0.7000; remains close to monthly top

AUD/USD holds steady above 0.7000 during the Asian session on Friday, trading just below the previous day's monthly low amid diverging forces. A hawkish RBA continues to support the Aussie, while the recent decline in US bond yields keeps the US Dollar depressed near a three-week low. However, oil-driven inflation fears reinforce Fed hike bets, which, along with geopolitical risks, could benefit the safe-haven buck and cap the currency pair.

USD/JPY bounces off one-month low; climbs to 157.00 amid reviving USD demand

USD/JPY rebounds from the 156.00 neighborhood, or a one-month low touched during Friday’s Asian session, with bulls looking to extend momentum beyond 157.00 amid the emergence of some US Dollar buying. Meanwhile, Japan's National CPI rose to a nine-month peak and reaffirmed BoJ rate-hike bets, which could support the Japanese Yen and cap gains for the currency pair.

Gold treads water around $4,000

Gold prices maintain its offered stance in place at the end of the week, hovering around the key $4,000 threshold per troy ounce. The persistent selling bias in the precious metal comes amid decent gains in the US Dollar and an acceptable rebound in US Treasury yields across the curve, all alongside further upside traction in crude oil prices.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

The French bond panic is overdone. Here's what the market is misreading

France's 10-year government bond yield has climbed above 5%, reigniting fears of a sovereign debt crisis in the Eurozone. With public debt exceeding €3.5 trillion, persistent budget deficits and a fragmented political landscape, investors are increasingly questioning the French government's ability to stabilize its finances.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.