Gold Price News and Forecast: XAU/USD short-term ascending triangle keeps bears hopeful

FXStreet Team FXStreet

Gold remains below $1562/60, ignores risk-negative news from the Middle East

Gold prices stay mostly downbeat while taking rounds to $1,557.20, following an uptick to $1,559, during the early hours of Monday’s trading. The yellow metal fails to respond to the power play in Libya and protests in Iraq amid the broad US dollar strength. Also exerting downside pressure on the quote are hopes that the global leaders will be able to tackle the Middle East’s problems while cheering the trade optimism surrounding the US.

Most of the Libyan oil exports, around 8,00,000 barrels per day, are on hold as the commander Khalifa Haftar took ports under his control. Iraq is also undergoing a tough time where the protestors have forced the Al Adhab field to stop the oil output.

XAU/USD

Overview
Today last price	1558.32
Today Daily Change	1.14
Today Daily Change %	0.07
Today daily open	1557.18

Trends
Daily SMA20	1535.12
Daily SMA50	1494.78
Daily SMA100	1497.16
Daily SMA200	1437.38

Levels
Previous Daily High	1561.26
Previous Daily Low	1549.66
Previous Weekly High	1562
Previous Weekly Low	1536.35
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1556.83
Daily Fibonacci 61.8%	1554.09
Daily Pivot Point S1	1550.81
Daily Pivot Point S2	1544.43
Daily Pivot Point S3	1539.2
Daily Pivot Point R1	1562.41
Daily Pivot Point R2	1567.64
Daily Pivot Point R3	1574.02

Gold Price Analysis: Short-term ascending triangle keeps bears hopeful

Gold prices seesaw around $1,558 during early Monday. The yellow metal recently took a U-turn from multi-day-old horizontal resistance but is still trading inside the short-term rising triangle. Also, RSI and MACD are troubling traders while portraying no major momentum.

However, multiple pullbacks from $1,560/62, coupled with broad US dollar strength, keep the odds of the bullion’s declines. With this, sellers’ will look for a clear break of $1,555 to aim for the mid-month low surrounding $1,547 and the monthly bottom near $1,543 during further declines.

EUR/USD challenges 1.1700, six-week lows

EUR/USD remains under heavy downside pressire in quite a dfrreadful start to the new trading week, putting the 1.1700 support to the test amid the marked rebound in the US Dollar. The flight-so-safety environment continues to support the Greenback following the escalating conflict in the Middle East.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold shifts its attention to $5,600 on fligh-to-safety mood

Gold climbs to levels last seen in late January past the $5,400 mark per troy ounce on Monday. The yellow metal’s strong uptick remains fuelled by incresing geopolitical tensions in the Middle East and the consequent demand for safer assets.

Bitcoin on brink of breakdown amid US-Iran war

Bitcoin (BTC) remains under pressure near the key support level of $65,700. Trading at $66,400 at the time of writing on Monday, a breakdown below this critical level would suggest a deeper correction ahead.

The week ahead: Conflict in the Middle East jolts markets

Events in the Middle East are obviously dominating financial markets this morning. The Brent crude oil price is extending gains and is higher by more than 8%, stock futures are pointing lower and the gold price is higher by more than 2%.

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.