Gold Price News and Forecast: XAU/USD's bulls have not given up hope

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD wobbles near five-month low below $1,800 as Powell, Mnuchin weigh on risks

Gold prices seesaw around $1,77/78 during the early Tuesday morning in Asia. The yellow metal dropped to the lowest since July the previous day before bouncing off $1,764.73. The quote’s latest moves take clues from the downbeat comments of the Fed Chair Jerome Powell and US Treasury Secretary Steve Mnuchin. Though, coronavirus (COVID-19) vaccine hopes battle the bulls amid mild risk-off mood.

GBP/USD

Overview
Today last price	1.3344
Today Daily Change	0.0015
Today Daily Change %	0.11
Today daily open	1.3329

Trends
Daily SMA20	1.3229
Daily SMA50	1.3052
Daily SMA100	1.3028
Daily SMA200	1.2731

Levels
Previous Daily High	1.3385
Previous Daily Low	1.3305
Previous Weekly High	1.3398
Previous Weekly Low	1.3264
Previous Monthly High	1.3398
Previous Monthly Low	1.2854
Daily Fibonacci 38.2%	1.3355
Daily Fibonacci 61.8%	1.3336
Daily Pivot Point S1	1.3294
Daily Pivot Point S2	1.326
Daily Pivot Point S3	1.3214
Daily Pivot Point R1	1.3374
Daily Pivot Point R2	1.342
Daily Pivot Point R3	1.3454

Gold Price Analysis: Bears in the driving seat, but bulls will be keen to reload

Gold is currently trading at $1,779.10 between the day's range of $1,764.73 and $1,800.70, down some 0.46% at the time of writing. The price is firmly below the psychological $1,800 level as the market continues to unwind the risk-off trade that had benefitted gold so well over the course of the year.

However, risk markets retreated at the start of the day as month-end flows dominated activity, which helped to support the precious metal on Monday, despite a tentative bid in the greenback.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

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.