Gold Price News and Forecast: XAU/USD pulled back to $1700 and quickly bound back, hitting fresh highs

FXStreet Team FXStreet

Gold Price Analysis: Despite the move back above $1700 the outlook is bearish in medium term

The price of gold has pushed higher today as the greenback capitulated once again. Although stocks have moved higher too this time. There has been another liquidity dump in the system by the ECB as today they announce an additional EUR 600bln.

The structure of the gold chart is not as bullish as most of the indices but it is defiantly not as bearish as the dollar index. This leaves the precious metal in somewhat of a conundrum. The equity markets have seen a rotation into the stocks that fell the most during the COVID-19 pandemic (banks and airlines) and yields are starting to rise once again in the fixed income space.

Gold Price Analysis: XAU/USD rebounds from $1700 and breaks above $1720

Gold printed fresh daily highs after a short-lived correction to $1700 following the beginning of the American session. XAU/USD trades at $1722, the highest since Wednesday’s European session.

The precious metal is rising after falling during two consecutive days. It found support again above $1690 that has become a critical barrier. A firm break below should clear the way to more losses.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

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.