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 drops below 1.1600 on broad USD strength

EUR/USD stays under bearish pressure and trades at a fresh six-week low below 1.1600 on Tuesday. Despite stronger-than-forecast inflation data from the Eurozone, the pair struggles to stage a rebound as the US Dollar continues to attract safe haven flows amid escalating geopolitical tensions in the Middle East.

GBP/USD attacks 1.3300, refreshing three-month lows

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Gold drops below $5,200 on stronger USD, rallying US yields

Gold attracts some intraday selling and falls below $5,200 on Tuesday. The US Dollar climbs to a fresh high since January 20 and turns out to be a key factor exerting downward pressure on the commodity. Meanwhile, the benchmark 10-year US Treasury bond yield rises nearly 2% on the day, putting additional weight on XAU/USD's shoulders.

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

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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.