Gold Price News and Forecast: XAU/USD treads water once again

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD sellers flirt with $1,800, eye weekly support line

Gold struggles to keep $1,800, recently bouncing off 100-HMA, during the early Thursday. Even so, the yellow metal declines for the third consecutive day while following a downward sloping trend line from February 10.

Given the absence of oversold RSI conditions on the hourly (1H) chart, coupled with the sustained trading below the stated resistance line, gold sellers are likely to keep the reins.

Powell puts recovery trade back on track

Gold finished almost unchanged overnight at $1805.50 an ounce. That belied what was quite a volatile day, gold trading as low as $1784.00 an ounce, and as high as $1814.00 an ounce. Gold can thank Jerome Powell's dovish outlook for its late session comeback, but nagging doubts still persist over the yellow metal at these levels.

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.