Gold Price News and Forecast: XAU/USD seesaws between $1,710 and $1,705

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD wavers above $1,700, overlook US infrastructure spending plan

Despite cooling down from $1,715, gold treads water inside a $5 trading range, around $1,707 by the press time of the early Asian session on Thursday. The yellow metal marked a stellar recovery from $1,678 but a lack of enthusiasm in the market, despite a $2.25 trillion US infrastructure spending announcement, probes the bullion buyers. Also challenging the precious metal prices are the coronavirus (COVID-19) and vaccine updates, not to forget news linked to China.

XAG/USD

Overview
Today last price	24.44
Today Daily Change	0.41
Today Daily Change %	1.71
Today daily open	24.03

Trends
Daily SMA20	25.57
Daily SMA50	26.33
Daily SMA100	25.64
Daily SMA200	24.83

Levels
Previous Daily High	24.74
Previous Daily Low	23.86
Previous Weekly High	26.24
Previous Weekly Low	24.41
Previous Monthly High	30.07
Previous Monthly Low	25.9
Daily Fibonacci 38.2%	24.19
Daily Fibonacci 61.8%	24.4
Daily Pivot Point S1	23.68
Daily Pivot Point S2	23.33
Daily Pivot Point S3	22.8
Daily Pivot Point R1	24.56
Daily Pivot Point R2	25.08
Daily Pivot Point R3	25.43

Gold Price Analysis: Bears seeking a re-test of daily support

Further to the prior analysis made in Asia, Gold Price Analysis: Upside correction from daily support on the cards? the price has indeed corrected from daily support testing the 61.8% Fibonacci retracement level of the prior daily bearish impulse. At the time of writing, XAU/USD is trading some 1.50% higher at $1,710 after climbing from a low of 41,677.95 to a high of $1,715.28.

EUR/USD falls to near 1.1600 due to persistent bearish bias

EUR/USD depreciates after registering modest gains in the previous session, trading around 1.1610 during the Asian hours on Thursday. The technical analysis of the daily chart suggests a persistent bearish bias as the EUR/USD pair remains within the descending channel pattern.

GBP/USD underperforms as UK faces stagflation risks amid Middle East war

The Pound Sterling trades lower against its major currency peers, is down 0.22% around 1.3340 against the US Dollar, during the Asian trade on Thursday. The British currency faces selling pressures amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, a situation in which inflation accelerates with economic growth and employment conditions remaining stagnant.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Top Crypto Gainers: Decred, Zcash, and Dogecoin lead recovery as Bitcoin crosses $72,000

Bitcoin trades above $72,500 at press time on Thursday, holding its 6% gain from the previous day, contributing to a broader market recovery. The total cryptocurrency market capitalization stands at over $2.43 trillion as the broader market sentiment improves significantly.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.