Gold Price News and Forecast: XAU/USD retreats on US data

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD’s bearish bias intact while below $1777 – Confluence Detector

After witnessing good two-way businesses on Thursday, Gold (XAU/USD) is holding on to recent recovery gains amid a broadly subdued US dollar and higher Treasury yields. The returns on the US debt surged after the country’s annualized GDP beat estimates with 6.4% in Q1 2021 while the weekly jobless claims hit the pandemic low. Higher yields dull gold’s attractiveness as a non-yielding investment asset.

Gold retreats on US data

Gold was the major loser from the positive US GDP data series overnight. Gold traded in a volatile $25 range but finished the session 0.55% lower at $1772.00 an ounce. Notably, once again, gold attempted to rise above $1790.00 an ounce in early New York trading, but was repulsed. Bulls can take some heart that the $1760.00 an ounce Fibonacci support was also tested, but also held.

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.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

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.