Gold Price News and Forecast: XAU/USD trade within a short-term consolidation

FXStreet Team FXStreet

Gold is 0.9% higher this morning – trade within a short-term consolidation

The gold futures contract fluctuated on Wednesday, as it gained 0.04%. The market is going sideways following its recent rally. Gold price has reached new medium-term high of $1,742.60 on Tuesday, as it was the highest since November of 2012 following breaking above $1,700 mark.

However, it got back below $1,700 and yellow metal’s price remained close to previous local highs. Mounting pandemic fears are supporting the demand side and gold is still acting as a safe haven asset. Read more...

Gold advances in an elliott corrective wave

Gold continues moving mostly bullish on Thursday fueled by the bearish pressure of the US Dollar Index, and the uncertainty risen by risk on economic growth raised by the virus.

The precious metal in its 2-day chart and log scale shows the advance that the price is developing since mid-December 2015 when the yellow metal found fresh buyers at $1,047.75 per ounce. Read more...

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FXStreet

EUR/USD looks to regain the 200-day SMA

EUR/USD regains some balance and trade just above 1.1600 the figure ahead of the opening bell in Asia. The pair initially dipped to the 1.1530 zone for the first time since November, always following the stronger US Dollar and the marked flight-to-safety in the context of the ongoing Middle East crisis

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold bounces off lows, back above $5,100

Gold remains on the defensive, eroding part of the recent multi-day advance and managing to trade back above the $5,100 mark per troy ounce on Tuesday. The precious metal initially dropped just below the critical $5,000 threshold on the back of the persistent strength of the Greenback, higher US Treasury yields across the curve and investors' repricing of Fed rate cuts.