Gold Price News and Forecast: XAU/USD pullback from $1,900 highlights immediate rising wedge

FXStreet Team FXStreet

Gold Price Forecast: XAU/USD downed by US dollar comeback after Presidential election debate

Gold (XAU/USD) extended its recovery rally from two-month lows on Tuesday, only to face rejection at $1900 but settled near daily highs. The main catalyst behind gold’s rise was the extended corrective declines in the US dollar from two-month highs amid cautious optimism. Expectations over a likely US coronavirus relief bill and solid Chinese economic data buoyed the sentiment, although investors remained cautious amid the coronavirus resurgence and ahead of the first US Presidential election debate.

Gold Price Analysis: XAU/USD pullback from $1,900 highlights immediate rising wedge

Gold prices bounce off an intraday low of $1,892.72 to $1,896.70 amid Wednesday’s Asian session. The yellow metal recently dropped after the US presidential debate questioned market sentiment. Technically, a three-day-old rising wedge formation on the hourly chart keeps sellers hopeful even as 200-HMA probes immediate downside.

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EUR/USD holds around 1.1750 after weak German and EU PMI data

EUR/USD maintains its range trade at around 1.1750 in European trading on Tuesday. Weaker-than-expected December PMI data from Germany and the Eurozone make it difficult for the Euro to find demand, while investors refrain from taking large USD positions ahead of key employment data.

GBP/USD climbs above 1.3400 after upbeat UK PMI data

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Gold retreats from seven week highs on profit-taking; all eyes on US NFP release

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US Nonfarm Payrolls expected to point to cooling labor market in November

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NFP preview: Complex data release will determine if Fed was right to cut rates

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BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.