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

FXStreet Team FXStreet

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.

GBP/USD holds lower ground near 1.3450 on USD rebound

GBP/USD trades in negative territory around 1.3450 in the European trading hours on Friday. Heightened Middle East tensions and rising global oil prices provide some support for the safe-haven US Dollar (USD), weighing on the pair. The US Michigan Consumer Sentiment Index will be published later on Friday.

EUR/USD falls to near 1.1500 as USD finds haven demand

EUR/USD drops to near 1.1600 in early Europe on Friday. The US Dollar finds fresh haven demand and exerts downside pressure on the major, as escalating tensions in the Middle East weigh on risk sentiment. Traders will likely stay cautious ahead of the Eurozone preliminary inflation data.

Gold sticks to losses as Iran risks revive USD demand

Gold meets with a fresh supply on Friday as the US Dollar rebounds from a one-and-a-half-month trough. Escalating US-Iran tensions keep inflation risks and Fed rate hike bets in play, supporting the USD. The technical setup seems tilted in favor of bearish traders and backs the case for further losses.

Bitcoin eyes 50-day EMA breakout, Ethereum consolidates, XRP steadies

Bitcoin, Ethereum, and Ripple trade near key technical levels on Friday as the broader cryptocurrency market pauses following last week's recovery. BTC is approaching the 50-day Exponential Moving Average while ETH continues to consolidate between two major EMAs.

Indian Rupee hits fresh two-week high against US Dollar

The Indian Rupee extends the week-long rally against the US Dollar on Friday. The USD/INR pair slides to a fresh over two-week low near 95.30 due to the overnight slump in the US Dollar amid growing doubts regarding whether the Federal Reserve is seriously committed to bringing the United States inflation down.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.