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.

AUD/USD edges higher above 0.7050 as hot CPI lifts RBA rate hike odds

The AUD/USD pair gathers strength to near 0.7055 during the Asian trading hours on Thursday. The Australian Dollar edges higher against the US Dollar as hotter inflation data bolsters expectations of Reserve Bank of Australia rate hikes. The US September Personal Consumption Expenditures inflation report will be in the spotlight later on Thursday.

USD/JPY treads water near 158.00 ahead of BoJ

USD/JPY navigates an inconclusive range around the 158.00 neighbourhood ahead of the opening bell in Asia on Friday. Indeed, the pair alternates gains with losses following Wednesday’s decent pullback as investors gear up for the imminent interest rate decision by the BoJ. In the meantime, market consensus expect the central bank to keep its hands steady.

Gold remains sidelined just above $4,000

Gold leaves behind the recent three-day positive streak and faces renewed selling pressure near the $4,000 mark per troy ounce on Thursday. The precious metal’s daily decline comes amid marginal gains in the US Dollar and mixed US Treasury yields, while crude oil prices remain on the back foot.

HYPE soars 17% as ICE, Druckenmiller invest in tradeXYZ for US expansion

Hyperliquid (HYPE) jumps 17% on Thursday as Intercontinental Exchange (ICE) announced it will partner with trade[XYZ] to bring Hyperliquid-based perpetual futures markets to the US, expanding efforts to introduce on-chain derivatives trading within a regulated framework. Billionaire investor Stan Druckenmiller will also join as an investor in trade[XYZ].

BoJ preview: Hawkish hold

Having hiked rates by 25bp to 1.25% in September, the central messages from the BoJ were largely similar; upside price risks remained, real interest rates were still negative and further policy rate hikes should be expected.

A hot US economy is supposed to sink Gold. It didn't. Here's why

Gold (XAU/USD) remains under pressure near $4,000, as stronger-than-expected United States (US) economic data reinforce expectations of another Federal Reserve (Fed) interest rate hike in December. Economic growth is accelerating, inflation remains elevated, and borrowing costs could rise further.