Gold Price News and Forecast: XAU/USD spot remains in a volatile sideways trend

FXStreet Team FXStreet

Gold Price Analysis: Dual support opens door to $1,743 on “quadruple witching” Friday– Confluence Detector

Gold has been trading in a narrow range but could ready to break to higher ground as it has strong support. Volatility is set to increase on as options and futures are set to expire on Wall Street on "quadruple witching Friday."

The Technical Confluences Indicator is showing that XAU/USD has significant support at $1,725, which is a dense cluster of lines including the Simple Moving Average 50-15m, the SMA 100-1h, the SMA 50-1h, the SMA 200-15m, the Fibonacci 38.2% one-day, the SMA 5-1h, and the Bollinger Band 4h-Middle. Read More...

Gold Spot remains in a volatile sideways trend

Gold Spot remains in a volatile sideways trend as expected. We cannot hold positions for long as prices chop up & down quite violently. Shorts at 1728/30 unfortunately stopped above 1733 before we reversed from 1737/39 to 1718/16. We had 2 buying opportunities here for a bounce to 1725/26, so a profitable day in the end.

Silver Spot sideways as expected & outlook remains neutral/negative in the trend. Again our shorts at strong resistance at 1750/60 worked perfectly on the slide to first support at 1727/25. We bottomed exactly here. Read More...

Gold Price Analysis: Bulls looking to extend intraday positive move beyond $1730-32 region

Gold built on its steady intraday positive move through the early European session and was last seen trading near daily tops, just above the $1730 level.

The commodity caught some fresh bids on the last day of the week and staged a goodish bounce from a short-term ascending trend-line support, extending from monthly lows around the $1670 region. The uptick was supported by fresh coronavirus jitters. Read More...

XAU/USD

Overview
Today last price	1729.37
Today Daily Change	6.27
Today Daily Change %	0.36
Today daily open	1723.1

Trends
Daily SMA20	1720.39
Daily SMA50	1715.67
Daily SMA100	1656.53
Daily SMA200	1578.86

Levels
Previous Daily High	1737.83
Previous Daily Low	1717.61
Previous Weekly High	1744.75
Previous Weekly Low	1677.73
Previous Monthly High	1765.38
Previous Monthly Low	1670.72
Daily Fibonacci 38.2%	1725.33
Daily Fibonacci 61.8%	1730.11
Daily Pivot Point S1	1714.53
Daily Pivot Point S2	1705.96
Daily Pivot Point S3	1694.31
Daily Pivot Point R1	1734.75
Daily Pivot Point R2	1746.4
Daily Pivot Point R3	1754.97

Author

FXStreet Team

FXStreet

EUR/USD weakens toward 1.1600 as firm US data revives the US Dollar

The EUR/USD edged lower on Thursday, down some 0.21% as market sentiment remains risk averse due to the ongoing conflict in the Middle East. This and solid US economic data pushed the pair lower towards the 1.1600 figure ahead of Friday’s session.

GBP/USD drifts lower heading into NFP range

GBP/USD edged lower by 0.2% on Thursday, settling close to 1.3350 in a strained trading session that kept the pair pinned near three-month lows. Price briefly recovered earlier in the day on reports that Iran had indirectly signaled openness to talks with the CIA, but the bounce faded as Israeli officials reportedly advised Washington to disregard the overture.

Gold slumps below $5,100 as US Dollar gains

Gold price tumbles to near $5,085 during the early Asian session on Friday. The precious metal loses ground amid a stronger US Dollar. The US employment report for February will take center stage later on Friday.

NYSE parent Intercontinental Exchange partners with OKX, invests at a $25B valuation

OKX announced an investment from Intercontinental Exchange, raising its valuation to $25 billion, alongside a partnership to expand regulated crypto futures and tokenized equity offerings globally.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.