Gold Price News and Forecast: XAU/USD trade within a short-term consolidation

FXStreet Team FXStreet

Gold is 0.9% higher this morning – trade within a short-term consolidation

The gold futures contract fluctuated on Wednesday, as it gained 0.04%. The market is going sideways following its recent rally. Gold price has reached new medium-term high of $1,742.60 on Tuesday, as it was the highest since November of 2012 following breaking above $1,700 mark.

However, it got back below $1,700 and yellow metal’s price remained close to previous local highs. Mounting pandemic fears are supporting the demand side and gold is still acting as a safe haven asset. Read more...

Gold advances in an elliott corrective wave

Gold continues moving mostly bullish on Thursday fueled by the bearish pressure of the US Dollar Index, and the uncertainty risen by risk on economic growth raised by the virus.

The precious metal in its 2-day chart and log scale shows the advance that the price is developing since mid-December 2015 when the yellow metal found fresh buyers at $1,047.75 per ounce. Read more...

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FXStreet Team

FXStreet

EUR/USD: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold struggles to surpass $5,200

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.