Gold Price News and Forecast: XAU/USD was undercut by vaccine optimism

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD holds recovery gains from 200-HMA to refresh intraday high

Gold picks up bids around $1,841, up 0.20% intraday, during early Thursday. The yellow metal marked the heaviest losses since November 23 the previous day but 200-HMA triggered the much-awaited bounce. The U-turn gains support from the receding strength of negative MACD signals to suggest further upside towards 100-HMA, at $1,851 now.

However, a downward sloping trend line from Tuesday, near $1,858 now, will challenge gold buyers ahead of highlighting the recent top surrounding $1,875 on their radars.

Asia Market: Stimulus and vaccine optimism give way to political wrangling

Gold was undercut by vaccine optimism; fiscal package stall and firm yields weigh negative.The lack of progress on the US fiscal deal has allowed the US dollar to firm up and pressure gold. The next – and possibly more powerful – knockdown to gold and silver could come from growing optimism over a vaccine.

There’s enough positive vaccine feelgood to keep gold and silver pressured in the near-term. The FDA approval could come as soon as Friday or Saturday, with the first US injections happening on Sunday or Monday, said Moncef Slaoui, chief adviser to the Trump administration on vaccine development. The vaccine may continue to undermine gold and silver's "safe haven" demand as it’s rolled out. Still, if we get a pre-holiday Christmas deal, fortune favours gold.

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FXStreet Team

FXStreet

EUR/USD flirts with yearly lows in the sub-1.1600 area

EUR/USD adds to Monday’s heavy losses and breaks below the key 1.1600 support on Tuesday, putting the YTD lows around 1.1570 to the test. The pair’s deep pullback comes as the US Dollar extend its strong bounce, always propped up by the intense flight-to-safety environment.

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold remains offered around $5,170

Gold comes under renewed and marked selling pressure on Tuesday, hovering around the $5,170 mark per troy ounce and reversing four consecutive daily advances. The yellow metal’s bearish tone comes on the back of the increasing demand for the Greenback at the time when investors continue to trim bets on further Fed rate cuts.

Crypto Today: Bitcoin, Ethereum, XRP pull back as sentiment remains in extreme market fear

The cryptocurrency market is broadly in the red on Tuesday as the Middle East grapples with an escalating war. Bitcoin (BTC) is in a pullback, trading below $67,000 at the time of writing, and most altcoins follow suit.

Middle East conflict ramps up a gear as energy price spike rips through markets

It’s another risk off day as geopolitical headwinds continue to batter financial markets. Although markets calmed during the US session and US stocks managed to post gains on Monday, this has not fed through to the European session, and stocks and bonds are sharply lower for a second day.

Hyperliquid Price Forecast: HYPE rises on commodities demand amid US-Iran war

Hyperliquid (HYPE) steadies above $33 at press time on Tuesday, marking its fourth consecutive day of recovery in a broadly volatile market due to the ongoing US-Israel strikes on Iran.