Gold – Intraday sell trade idea [Video]
![Gold – Intraday sell trade idea [Video]](https://editorial.fxsstatic.com/images/i/gold-02.jpg)
Potential for the further downside movement.
Author
Petar Jaćimović
FXCentrum
Petar Jaćimović was born on 8 July 1989 in Jagodina, Serbia.
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AUD/USD trades with a positive bias for the second straight day, holding above 0.7100 in the Asian session on Friday as softer US bond yields keep US Dollar bulls on the back foot. Furthermore, hawkish RBA Governor Bullock's comments boost rate hike bets and support the Aussie. However, the Fed's hawkish outlook, along with geopolitical uncertainties, limits USD losses and caps the pair.
USD/JPY holds the uptick above 157.00 in the European session on Friday as the Japanese Yen remains under intense selling pressure despite the Bank of Japan's (BoJ) interest rate hike to 1.25% and a somewhat hawkish Monetary Policy Statement, as two dissents against the rate hike weigh. All eyes now remain on BoJ Governor Ueda's press conference for further trading impetus.
Gold holds the previous recovery around $4,350 early Friday; buyers still cautious. US Dollar trades subdued amid retreating Oil prices and US Treasury bond yields. Gold settled Thursday above the 100-day SMA near $4,320, with a neutral daily RSI.
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) extend their recovery, trading above $76,700, $2,400 and $1.300, respectively, on Friday. These top three cryptocurrencies now face key technical levels that could determine whether their recoveries extend further or pull back.
Cardano (ADA) extends its recovery, trading above $0.210 at the time of writing on Friday, after finding support around a key zone earlier this week. Improving derivatives positioning and supporting technical indicators indicate growing bullish sentiment among ADA traders. Derivatives data shows a bullish tilt among Cardano traders.
Japan's ultra-low interest rates helped finance trillions of dollars in global investments for more than a decade, making the Japanese Yen one of the world’s cheapest sources of funding. With the Bank of Japan expected to tighten policy again this week, that advantage may be entering a new phase. While most major economies raised interest rates, Japan remained the world's outlier.
