Gold Price News and Forecast: XAU/USD rose considerably last week as the Fed announced a limitless bond-buying scheme

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD bounces from 2020 lows, hovering near $1600/oz

The bullion is trading in a very tight range above the 1614 support level and the main SMAs on the four-hour chart suggesting an upward bias in the medium term. Bulls remain in control as they can be setting up for break of the 1636 resistance en route to the 1660 level and 1700 figure if XAU/USD gathers enough steam. Support can emerge near 1614, 1600 and 1560 levels.

Gold has retraced all of the previous sell-off

The gold futures contract gained 0.18% on Friday, as it extended a short-term consolidation following Monday’s – Tuesday’s rally. The market reacted to the previous Sunday’s Fed unlimited Quantitative Easing announcement. Yellow metal has retraced all of the previous sell-off, as it got back close to March 9 medium-term high of $1,704.30. Since then, gold trades within the mentioned short-term consolidation.

AUD/USD jumps to 0.7050, fresh one-month top after hot Australian CPI

AUD/USD attracts buyers for the second straight day on Wednesday, rising to a fresh high since September 23 during the Asian session. A hot Australian CPI print reaffirmed bets for an imminent RBA rate hike in November and boosted the Australian Dollar. Meanwhile, the US Dollar pauses after a three-day rally to a near two-week high ahead of the crucial FOMC rate decision, lending additional support to the currency pair.

USD/JPY sticks to modest gains above 157.50 as traders await Fed, BoJ meetings

USD/JPY attracts buyers for the third straight day, recovering further from a one-month low ahead of Wednesday’s FOMC decision and the BoJ policy update on Friday. Meanwhile, expectations that the BoJ may hold off on aggressive rate hikes weigh on the Japanese Yen, and the US Dollar advances to a nearly two-week high, supporting the currency pair.

Gold sticks to intraday losses below $4,050 as USD retains bullish bias ahead of FOMC

Gold remains offered below $4,050 during Wednesday's early European session, snapping a two-day winning streak ahead of the key central bank event. The US Federal Reserve is scheduled to announce its policy decision later today and is widely expected to keep rates unchanged. Meanwhile, the focus will remain on the accompanying monetary policy statement and Fed Chair Kevin Warsh's comments during the post-meeting press conference.

Zcash's bullish momentum mounts on steady ETF inflows, retail confidence

Zcash extends steady recovery above $1,300 on Wednesday, approaching a key resistance near $1,373. Grayscale’s ZEC-focused Exchange-Traded Fund sees persistent buying pressure, with six straight days of inflows, including more than $3 million on Tuesday.

FOMC outlook: Why keeping rates unchanged might not be enough

Tomorrow's FOMC meeting could be quite interesting, even if the Federal Reserve decides to leave interest rates unchanged. According to the latest market expectations, there is currently a 92.8% probability that rates will remain at 3.75–4.00%, while the probability of another 25 basis point increase stands at just 7.2%.

Anthropic pledged $270 billion to Amazon, Google, and Microsoft. Here's who actually gets paid

Anthropic owes Amazon, Google, and Microsoft at least $269.4 billion for computing power, even if it uses less. All three sell its models and handle its billing, and Amazon and Google own stakes and lend it money, so they get paid regardless of how the IPO goes. The Dario Amodei-led Anthropic filed its initial public offering (IPO) on Monday, seeking a listing on the Nasdaq under the ticker ANT.