Gold Price News and Forecast: XAU/USD risks further falls, eyes $1756 downside target

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Gold Price Analysis: XAU/USD risks further falls, eyes $1756 downside target – Confluence Detector

Gold (XAU/USD) nurses losses after hitting fresh seven-month lows at $1761, having the worst start to a year in three decades. The haven demand for the US dollar is back on the rise amid the downbeat market mood, as investors mull the impact of the higher Treasury yields on equity valuations.

The benchmark 10-year Treasury yields hold near yearly highs amid expectations of a bigger US fiscal stimulus, especially in the wake of Treasury Secretary Janet Yellen’s comments.

Gold Price Analysis: Target achieved and fresh bear-cycle lows for 2021

Gold has dropped to 2021 lows and in doing so has completed another chapter of 'gold price analysis'. The support structure on an hourly basis finally caved in, making way for the $1,765 weekly target.

As per the prior analysis of Gold, Gold Price Analysis: Bears need break of current support for $1,765 target, stubborn bulls have finally given way to the weekly target and the price has printed a fresh cycle low for 2021.

EUR/USD weakens toward 1.1600 as firm US data revives the US Dollar

The EUR/USD edged lower on Thursday, down some 0.21% as market sentiment remains risk averse due to the ongoing conflict in the Middle East. This and solid US economic data pushed the pair lower towards the 1.1600 figure ahead of Friday’s session.

GBP/USD drifts lower heading into NFP range

GBP/USD edged lower by 0.2% on Thursday, settling close to 1.3350 in a strained trading session that kept the pair pinned near three-month lows. Price briefly recovered earlier in the day on reports that Iran had indirectly signaled openness to talks with the CIA, but the bounce faded as Israeli officials reportedly advised Washington to disregard the overture.

Gold slumps below $5,100 as US Dollar gains

Gold price tumbles to near $5,085 during the early Asian session on Friday. The precious metal loses ground amid a stronger US Dollar. The US employment report for February will take center stage later on Friday.

NYSE parent Intercontinental Exchange partners with OKX, invests at a $25B valuation

OKX announced an investment from Intercontinental Exchange, raising its valuation to $25 billion, alongside a partnership to expand regulated crypto futures and tokenized equity offerings globally.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.