Gold jumps to $2,432 – Markets cautious before the week ends

Gold shows strong recovery, climbs to $2432.
Strong recovery from recent drop to $2379.
Traders cautious at 61.8% fibo level $2434.
Next Resistance sits at 71.8% fibo level $2453.
Rejection may push Gold to $2412-$2390.

Sunil Kumar Dixit SK Charting

Despite enough reasons for bullish upward momentum in Gold, there have been several phases of downward movements and prices dipped below $2400, recent dip came at $2364 which was followed by a higher low at $2379 and today Gold managed to negate the downward shift when recovery reached $2432, at striking distance from key 61.8% fibo level $2434

Currently we are witnessing some consolidation below $2432 as Gold trades around $2423-$2428, further break below $2420 will extend decline to next leg lower $2412-$2407 while next support is seen located at $2400 below which way opens to further drop to $2390

If bears dominate, we expect to witness a deeper sell off once $2390 is breached followed by day/week close below the zone and this will turn short term trend bearish.

On the flip side, strong break above $2435 will usher in further bullish momentum which will target immediate resistance which aligns with premium zone 78.6% fibo level $2453

Author

Sunil Kumar Dixit

SK Charting

Sunil Kumar Dixit is Chief Technical Strategist and founder of SK Charting, a research firm based in India. He tracks Precious Metals, Energy, Indices and Currency Pairs. He also participates as an expert panellist on Channel Television, Nigeria.

AUD/USD keeps range near mid-0.7100s as USD bulls await US CPI

AUD/USD steadies near mid-0.7100s in the Asian session on Friday, stalling the previous day's sharp decline to an over one-week low. The August PPI report reaffirmed Fed rate-hike bets and boosted the US Dollar on Thursday, which weighed heavily on the pair. However, hawkish RBA expectations limited losses for the Aussie as USD bulls now await the release of the US consumer inflation figures before placing fresh bets.

USD/JPY holds lower ground toward 154.00; looks to US CPI

USD/JPY holds lower ground toward 154.00 in the Asian session on Friday after hot Japanese PPI data bolster a more hawkish BoJ repricing and provide fresh impetus to the Japanese Yen. However, the downside appears capped as the US Dollar preserves overnight gains ahead of the latest US consumer inflation data.

Gold: Gains remain capped by $4,400

Gold regains composure and trades with decent gains on Friday, managing to refocus attention on the $4,440 mark per ounce troy. Therefore, the precious metal reverses Thursday’s decline as the US Dollar alternates gains with losses at the end of the week.

Ripple Price Forecast: XRP extends decline as returning ETF inflows fail to lift outlook

Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.

Weekly focus – The hawks set the tone

Risky assets came under pressure this week as energy prices kept creeping higher and the ECB surprised the markets with a hawkish tone. The price of Brent crude touched USD 110 per barrel on Thursday night, highest since mid-May, as news emerged that the Yemeni Houthis had reached control of key port cities and islands near the Bab el-Mandeb strait.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.