Gold Price News and Forecast: XAU/USD seesaw around $1,700 amid challenges to US-China trade deal

FXStreet Team FXStreet

Gold prices seesaw around $1,700 amid challenges to US-China trade deal

Gold prices fail to extend the uptick beyond $1,700 while taking rounds $1,698, down 0.10% on a day, amid the early Monday’s trading. It should be noted that the bullion slipped to $1,692.30 during the early-Asian session amid broad risk-off sentiment.

While good news from Gilead seems to eased the coronavirus (COVID-19) fears at the start of the week, the Trump administration’s criticism of China’s mishandling of the virus outbreak weighed on the risk-tone.

XAU/USD

Overview
Today last price	1700.21
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	1700.21

Trends
Daily SMA20	1694.54
Daily SMA50	1638.3
Daily SMA100	1592.94
Daily SMA200	1541.06

Levels
Previous Daily High	1705.82
Previous Daily Low	1670.72
Previous Weekly High	1728.71
Previous Weekly Low	1670.72
Previous Monthly High	1747.82
Previous Monthly Low	1568.46
Daily Fibonacci 38.2%	1692.41
Daily Fibonacci 61.8%	1684.13
Daily Pivot Point S1	1678.68
Daily Pivot Point S2	1657.15
Daily Pivot Point S3	1643.58
Daily Pivot Point R1	1713.78
Daily Pivot Point R2	1727.35
Daily Pivot Point R3	1748.88

Markets Outlook: All eyes on US Non-Farm Payrolls

Month-end dynamics were at work again in the gold market as miners took the opportunity to hedge forward production at elevated cross-currency level (ZAR/GOLD). And there was more chatter that the Bank of England may cede to Venezuela’s request to release 1 million ounces of gold for immediate sale. But with volumes in London averaging around 20-25 million ounces per day, that would likely have only a temporary negative effect.

GBP/USD hits multi-week tops around 1.3560

GBP/USD gathers fresh steam and advances to new three-month peaks near the 1.3560 zone on Friday. Cable’s sharp move higher comes after three daily drops in a row and follows the increasing selling pressure hurting the Greenback.

EUR/USD pops to fresh two-month highs, targets 1.1600

EUR/USD advances markedly, revisiting the upper 1.1500s for the first time since mid-June. The pair’s sharp uptick comes on the back of a strong retracement in the US Dollar amid BoJ intervention chatter and despite steady uncertainty in the Middle East.

Gold picks up pace, approaches $4,400

Gold rebounds toward the $4,400 mark per troy ounce on Friday, reversing the previous day’s pullback. The precious metal’s recovery comes as fresh and intense weakness keep weighing on the US Dollar, while traders keep assessing easing expectations of an imminent Fed interest rate hike and the situation from the Middle East.

Pi Network Price Forecast: PI extends consolidation as bulls eye $0.10

Pi Network (PI) price holds steady on Friday, maintaining a consolidating tone for three consecutive days. Mild retail strength in the PI token remains stable, with Open Interest above $9 million, while social buzz eases. PI token’s technical outlook is mixed, as bearish momentum wanes to neutral, with bulls eyeing the $0.1000 psychological level.

Weekly focus: Some relief in US inflation concerns

Actual inflation data for July came out as expected with a 0.1% m/m increase in headline CPI and 0.2% excluding food and energy. Annual headline inflation remains too high at 3.4% and means that wage earners are experiencing stagnating spending power at best, and core inflation is a bit higher than the inflation target of two percent would suggest.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.