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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD extends slide below 1.1700

The EUR/USD pair nears its weekly low at around 1.1660 in the American session on Tuesday, retreating from the 1.1750 price zone tested earlier in the day. Cautiously optimistic markets support the US Dollar in the near term.

GBP/USD consolidates around 1.3500; looks to US macro data for fresh impetus

The GBP/USD pair oscillates in a narrow range, around the 1.3500 psychological mark during the Asian session on Wednesday, and for now, seems to have stalled the previous day's retracement slide from its highest level since September 18. Moreover, the fundamental backdrop seems tilted in favor of bullish traders and suggests that the path of least resistance for spot prices is to the upside.

Gold sees profit-taking decline after facing rejection at $4,500

Gold price sees a decline on profit-taking after facing rejection at $4,500 in the Asian trading hours on Wednesday. Despite the pullback, the traditional safe haven remains underpinned by geopolitical tensions and expectations of Fed rate cuts. The US ADP Jobs data, JOLTS Job Openings Survey and ISM Services Purchasing Managers Index report will be published on Wednesday.

Pump.fun prepares for early-year rally as DEX volume skyrockets

Pump.fun (PUMP) is rising alongside crypto majors such as Bitcoin (BTC) and is trading above $0.002400 at the time of writing on Tuesday. The Decentralized Exchange (DEX) native token outlook builds on a bullish tone developed since December 30.

Implications of US intervention in Venezuela

Events in Venezuela are top of mind for market participants, and while developments are associated with an elevated degree of uncertainty, we are not making any changes to our markets or economic forecasts as a result of the deposition of Nicolás Maduro.

Cardano holds steady as bulls intensify push for breakout

Cardano rises above the 50-day EMA resistance amid a risk-on mood across the crypto market. The MACD upholds positive divergence, increasing the potential for a 20% breakout to $0.505.