Gold Price News and Forecast: XAU/USD trims gains, immediate bias bearish

FXStreet Team FXStreet

Gold Price Analysis: Trims gains, immediate bias bearish

Gold is currently trading at $1,637 per Oz, having hit a high of $1,650 in Asia. The pullback is not surprising, as the technical studies are biased bearish. To start with, the daily chart shows a spinning top bearish reversal pattern - Monday's spinning top followed by a 1.8% drop on Tuesday.

Further, the yellow metal created a big red candle with a notable upper shadow (sell on the rise mentality) on Tuesday, reinforcing the short-term bearish bias. Also, the daily RSI is reporting a bearish divergence.

Gold Price Analysis: Initial uptick to $1,650 fizzles

Despite an increase in the market’s risk-off moves following US President Donald Trump’s fiscal stimulus, Gold prices trimmed some gains to $1,638.50 during early Thursday. In doing so, the yellow metal takes rounds to 200-Hour Simple Moving Average (HMA), at $1,644.60 now, while staying below the $1,665/66 resistance confluence including 100-HMA and weekly falling trend line.

While buyers are waiting for entry beyond $1,666, sellers also look for an opportunity below 50% Fibonacci retracement of February 28 to March 09 upside, at $1,633.

EUR/USD turns negative around 1.1600

EUR/USD is once again under selling pressure, sliding back towards the key 1.1600 support area amid a renewed upswing in the US dollar. The greenback has gathered further momentum after President Trump voiced praise for Kevin Hassett in connection with the Fed chair role.

GBP/USD trims gains, back below 1.33400

The current rebound in the Greenback prompts GBP/USD to surrender a big chunk of its earlier gains and slip back below the key 1.3400 mark on Friday. The marked bounce in the US Dollar followed the markets’ reaction to the likelihood that K. Hasset could become the next Fed Chief.

Gold weakens below $4,600 on USD rebound

Gold adds to Thursday’s small decline and breaks below the $4,600 mark per troy ounce at the end of the week. The precious metal’s corrective move comes on the back of easing geopolitical tensions and the late improvement in the Greenback.

Crypto Today: Bitcoin, Ethereum, XRP hold support amid waning retail demand

Bitcoin slips but holds above $95,000, weighed down by declining retail demand. Ethereum trades narrowly between the 100-day EMA support and the 200-day EMA resistance. XRP edges lower for the third consecutive day, driven by a persistently weakening derivatives market.

Week ahead – US PCE and Davos in focus for Dollar traders – BoJ meets

US PCE, PMIs and remarks from Davos could impact Fed cut bets. BoJ to stand pat; focus to fall on guidance after election reports. UK CPI and retail sales data may confirm bets of more BoE cuts.

Dash Price Forecast: DASH defies headwinds, paces toward $100

Dash extends its rally, reaching an intraday high of $96.85 despite the broader crypto market correcting. Retail interest in DASH explodes as futures Open Interest soars to $165 million.