Gold Price News and Forecast: XAU/USD bulls looking to test hourly resistance structure

FXStreet Team FXStreet

Gold Price Analysis: Bulls looking to test hourly resistance structure

On a day where stocks have fallen and the US dollar has risen, the precious metals are under pressure again. The following is an analysis of the intermarkets affecting the value of gold on Thursday and illustrates the importance of XAU/USD hourly structure at this juncture.

First and foremost, the dollar has risen on a day where the stock markets have seen traders hitting the bid.

Gold analysis: Fails to reach 1,800.00

The yellow metal made two attempts to reach the resistance of the 1,800.00 level. Both of them failed. On Thursday, the rate was declining, as by the middle of the day's European trading hours, the rate had almost reached the 55 and 100-hour simple moving averages.

If the 55 and 100-hour simple moving averages provide enough support, the commodity price could reach higher and make another attempt to pass the 1,800.00 level.

EUR/USD looks sidelined below 1.1600

EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

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.