Gold Price News and Forecast: XAU/USD corrrects to the 50% mean reversion target

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD corrrects to the 50% mean reversion target

Gold prices have corrected a significant portion of the latest bearish impulse. Failures at this resistance could lead to a fresh downside impulse. As per the prior analysis for the open on Monday, The Chart of the Week: Gold correcting towards critical resistance from fresh bear cycle lows, the price has corrected to the 50% mean reversion point of the latest bearish impulse.

Markets Outlook: Markets suffering from a case of “blues and twos”

Higher US yields continue to pressure gold, which remains mired in a downtrend that began in August, with gold ETF and futures speculative positioning both coming off from the top to about 80% of the last year's range. Technical trends kicked in when gold gapped down to $1,756.30 from $1,765/66, then triggered stop losses in a cascading effect as the rise in US bond yields triggering inflows into USD is the most forceful headwind for precious metals.

EUR/USD eyes nine-day EMA barrier after rebounding from 1.1600

EUR/USD gains ground after registering modest losses in the previous session, trading around 1.1620 during the Asian hours on Friday. The technical analysis of the daily chart suggests an ongoing bearish bias as the pair remains within the descending channel pattern.

GBP/USD: Pound Sterling ticks up against US Dollar in countdown to US NFP

The Pound Sterling trades marginally higher to near 1.3365 against the US Dollar during the Asian trading session on Friday. The GBP/USD pair edges up as the US Dollar ticks down ahead of the United States Nonfarm Payrolls data for February, which will be published at 13:30 GMT.

Gold rises but remains on track for weekly loss in five weeks

Gold price recovers its recent losses from the previous session on Friday. The yellow metal advances as the broader precious metals market rebounds on safe-haven demand. However, the yellow metal is on track for its first weekly decline in five weeks as escalating Middle East tensions push oil prices higher, fueling inflation concerns and reducing bets on Federal Reserve rate cuts.

Bitcoin, Ethereum and Ripple at risk as US-Iran war extends

Bitcoin, Ethereum, and Ripple trade cautiously at press time on Friday, close to key support levels after a roughly 2% pullback the previous day. Bitcoin holds above $71,000, Ethereum at $2,000, and XRP continues to consolidate in a sideways range.

The market compass is pointing at a barrel of Oil

The Asian open is arriving with equities leaning the wrong way, and the reason is not complicated. The market’s compass needle has snapped firmly toward crude. In this tape, oil is not just another input price; it is the gravitational center around which every asset class is orbiting.