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.

EUR/USD stays in tight channel near 1.1800

EUR/USD moves sideways in a narrow band at around 1.1800 in the second half of the day on Friday as investors refrain from taking large positions. February inflation data from Germany and January Producer Price Index figures from the US could drive the pair's action heading into the weekend.

GBP/USD struggles below 1.3500 amid UK political drama, BoE easing bias

GBP/USD struggles to build on the overnight modest bounce from the weekly low and oscillates in a narrow band below 1.3500 on Friday. The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK, along with the BoE easing expectations, acting as a headwind for the GBP.

Gold flat lines below $5,200; traders look to US PPI for fresh impetus

Gold struggles to capitalize on its modest gains registered over the past two days and trades below the $5,200 mark through the first half of the European session on Friday. Geopolitical risks remain in play amid a large US naval and air power buildup in the Middle East.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.