Gold Price News and Forecast: XAU/USD retreats from session highs, eyes 5-day SMA support

FXStreet Team FXStreet

Gold: Uptrend expected to continue while it trades above 1929

Uptrend scenario

The uptrend may be expected to continue, while market is trading above support level 1929, which will be followed by reaching resistance level 1950 – 1965.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 1929, which will be followed by moving down to support level 1906.

Gold Price Analysis: XAU/USD retreats from session highs, eyes 5-day SMA support

Gold is trading near $1,952 per ounce, having put in a near two-month high of $1,955 early Wednesday.

The 4-hour chart shows a bearish divergence of the Relative Strength Index (RSI). The hourly chart RSI is also painting a similar picture. Meanwhile, the 14-day RSI is now reporting overbought conditions with an above-70 print for the first time since August.

GBP/USD clings to gains near 1.3400

GBP/USD retreats after reaching a three-week high above 1.3430, challenging the 1.3400 yardstick on Thursday. Although easing political uncertainty in the UK helps the quid limit its downside, escalating tensions in the Middle East support the Greenback, keeping Cable under scrutiny.

EUR/USD: Daily gains appear capped by 1.1450

EUR/USD keeps the recovery in place and looks to consolidate its gains north of 1.1400 the figure at the end of the NA session on Thursday. The pair’s move higher appears in tandem with a modest pullback in the US Dollar despite geopolitical concerns in the Middle East remain unabated.

Gold flirts with two-day highs, approaches $4,130

Gold stages a modest rebound on Thursday, setting aside a three-day losing streak and managing to surpass the $4,100 mark per troy ounce. However, steady geopolitical tensions have revived concerns over persistently high global inflation, reinforcing expectations of higher rates across the board and somewhat curtailing the yellow metal’s upside potential.

AAVE eyes $100 after Stable Vaults launch

Aave edges higher above $90.00 at the time of writing on Thursday, amid broader price stabilization in the crypto market. The company has announced Stable Vaults, a platform that allows businesses to integrate fixed-rate stablecoin yield, mildly lifting sentiment in the ecosystem.

Japan may be changing its Yen strategy, but markets don’t look scared

Japan may be changing its intervention playbook, but that might not be enough to rescue the battered Yen. With USD/JPY hovering at four-decade highs, the currency’s weakness is being driven less by speculative pressure and more by a powerful structural force: the wide US-Japan rate gap.

Bye, forward guidance: How to trade when central banks choose silence

Central banks have spent years telling markets what might come next. Now, traders face the possibility that they say a lot less. From the Federal Reserve to the European Central Bank and the Bank of England, policymakers are pushing back against forward guidance.