Gold Price News and Forecast: XAU/USD trapped between daily and weekly structure

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Gold Price Analysis: XAU/USD bulls to have a bumpy road towards $1,964 – Confluence Detector

Gold prices refresh intraday low near $1,938 while extending pullbacks from the six-week top, flashed the previous day, during early Friday. The yellow metal recently eased after US election updates suggest President Donald Trump’s lead in Pennsylvanian voting count. Earlier in Asia, news from Georgia and Arizona marked Joe Biden as the front-runner for the US presidency while keeping his 260+ electoral votes, versus 270 required.

Although fears of a hung decision over the blue wave in America probe the US dollar bears, optimism surrounding further easy money, be it from the central banks or governments, enthuses the global risk sentiment.

Gold Price Analysis: Trapped between daily and weekly structure

Gold has been capped in its recent advance to the $1,950 level as market volatility slows down and the US election nerves settle into a foregone conclusion of a Democratic Party victory. However, there are still uncertainties left in the race which could equate to further volatility which might be required to help gold break out of its $1,865 and $1,950 range prior and into a newly formed trending market.

While stuck below weekly resistance, the monthly chart's correction may not be finished yet, despite the bullish tendencies on the lower time frames. However, the daily reverse head and shoulders may prove to be the dominating chart pattern in the near term to tip the balance in the bull's favour once again.

AUD/USD consolidates above 0.7000 as RBA hike bets support amid softer USD

AUD/USD steadies above 0.7000 in Friday’s Asian session, stalling the overnight pullback from a one-month top as RBA rate-hike expectations act as a tailwind for the Aussie. Moreover, the US Dollar remains on the back foot amid hopes of Iran diplomacy, further supporting the currency pair. However, geopolitical risks and hawkish Fed expectations limit USD losses.

USD/JPY flatlines near 157.70 after hot Tokyo CPI as focus remains on BoJ

USD/JPY consolidates around 157.70 during the Asian session on Friday, moving little following the release of hot Tokyo CPI as focus remains on the highly anticipated BoJ rate decision. Meanwhile, upside remains capped as the US Dollar stays depressed amid the Euro's post-ECB rise. However, Thursday's US macro data reaffirmed Fed hike bets, which, along with geopolitical uncertainties, support the buck and the currency pair.

Gold falls to near $4,000 as US PCE data reinforces December Fed hike odds

Gold price falls to around $4,015 during the early Asian session on Friday. The precious metal loses ground as US inflation data reinforced expectations ‌of a Federal Reserve interest rate hike later this year.

Bank of Japan to leave interest rates steady at 1.25%

The Bank of Japan is set to announce its monetary policy decision on Friday at around 02:30 GMT. Like the Federal Reserve, financial markets are confident that the BoJ will leave interest rates unchanged, after raising them by 25 basis points to 1.25% in the September policy meeting. This is the highest interest rate level seen in 31 years in Japan.

Can Bitcoin rally if the Federal Reserve keeps rates higher for longer?

The US Federal Reserve raising interest rates in September after a three-year gap to control alarming inflation numbers renews the fear of reduced liquidity weighing on Bitcoin, similar to the 2022 bear market.

A hot US economy is supposed to sink Gold. It didn't. Here's why

Gold (XAU/USD) remains under pressure near $4,000, as stronger-than-expected United States (US) economic data reinforce expectations of another Federal Reserve (Fed) interest rate hike in December. Economic growth is accelerating, inflation remains elevated, and borrowing costs could rise further.