Gold Price News and Forecast: XAU/USD sellers eye $1,905 support confluence

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD looks north amid US political woes, Georgia’s Blue sweep – Confluence Detector

Gold (XAU/USD) attempts a bounce after Wednesday’s 2% slide, fuelled by the rally in US Treasury yields and stocks. Prospects of additional US stimulus amid a likely Blue sweep in the Senate revived the reflationary trades and drove the US rates sharply higher while Wall Street to fresh record highs.

Despite the sell-off in gold, the risks remain tilted to the upside amid expectations of more stimulus and growing US political tensions after the attack on Capitol Hill late Wednesday.

Gold Price Analysis: XAU/USD sellers eye $1,905 support confluence

Having flashed biggest losses in over a month, gold fails to consolidate as it drops to $1,917.75, down 0.08% intraday, during early Thursday. The yellow metal took a U-turn from a short-term falling resistance line the previous day and hence the sellers are looking for further favors.

As a result, a confluence of 10-day SMA and an ascending trend line from December 01, 2020, around $1,905, gains the market attention amid normal RSI conditions.

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 retakes 158.00 as USD stalls the post-FOMC corrective slide

USD/JPY attracts some dip-buyers during the Asian session on Thursday, climbing back above 158.00 as the US Dollar reverses part of the post-FOMC pullback from a two-week high. Bulls, however, await key US macro data – the Advance Q3 GDP and the PCE Price Index – before positioning for further gains. Focus will then shift to the crucial BoJ policy update on Friday amid firming expectations for a December rate hike.

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.

Top Altcoins Price Forecast: Ripple and Solana under pressure as Hyperliquid recovers

Ripple is down over 2% on Thursday, extending losses below $1.30 and capped below crucial moving averages. Solana drops 2% so far, testing its 200-day EMA and the $100 psychological level amid mounting selling pressure.

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.

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

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