Gold continues to rise, grinding into $1,300.00

Risk-off markets see Gold rising to the occasion.
Gold's bull run may run out of lead time as the precious metal drives towards normal prices at key technical handles.

Joshua Gibson FXStreet

Spot gold prices are continuing their steady march upwards, rising into 1,300.00 in early Friday action.

Gold prices have lifted for three of the last four weeks, and looks set to end up for a third week in a row as risk aversion continues to see investors propping up the precious metal amidst shaky expectations for global growth figures as major economies around the world suffer from lagging expansion.

Gold is recovering into prices not seen early 2018, and the US Dollar is likely to remain under pressure as long as Gold is on the rise, but the upper end could run out of room to run as heavy, multi-year resistance sit priced in from 1,3500.

Gold Technical Levels

Gasoline

Overview:
    Today Last Price: 1.33
    Today Daily change: 0.0 pips
    Today Daily change %: 0.00%
    Today Daily Open: 1.33
Trends:
    Previous Daily SMA20: 1.4
    Previous Daily SMA50: 1.5
    Previous Daily SMA100: 1.76
    Previous Daily SMA200: 1.93
Levels:
    Previous Daily High: 1.37
    Previous Daily Low: 1.31
    Previous Weekly High: 1.34
    Previous Weekly Low: 1.28
    Previous Monthly High: 1.52
    Previous Monthly Low: 1.28
    Previous Daily Fibonacci 38.2%: 1.34
    Previous Daily Fibonacci 61.8%: 1.33
    Previous Daily Pivot Point S1: 1.3
    Previous Daily Pivot Point S2: 1.27
    Previous Daily Pivot Point S3: 1.24
    Previous Daily Pivot Point R1: 1.37
    Previous Daily Pivot Point R2: 1.4
    Previous Daily Pivot Point R3: 1.43

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

GBP/USD trims gains, back to around 1.3500

GBP/USD now surrenders part of the earlier move to multi-week peaks around 1.3530 and comes close to the 1.3500 support on Monday. Cable’s uptick comes in tandem with decent gains in the Greenback, always amid persistent uncertainty lingering over the reopening of the Strait of Hormuz and US-Iran talks.

EUR/USD deflates to 1.1540

EUR/USD begins the week on the back foot, retesting the 1.1540 zone as the NA session draws to a close. The better tone in the US Dollar weighs on the risk complex, sparking the daily correction in spot, always on the back of unabated effervescence in the Middle East.

Gold clings to daily gains; focus is back to $4,400

Gold picks up pace and advances past the $4,350 mark per troy ounce, adding to Friday’s gains. That said, the yellow metal keeps pushing harder despite the better tone in the US Dollar, and is closely following the Fed’s interest-rate outlook as well as developments in the Middle East

Bitcoin vs Gold Overview: XAU tests breakout, BTC slides as Trump claims Iran negotiations

The cryptocurrency market shows signs of trimming gains accrued last week as Bitcoin (BTC) slides below $65,000 at the time of writing on Monday. Meanwhile, Gold (XAU/USD) maintains a bullish outlook, hovering above $4,350.

US Payrolls miss – RBA on deck tomorrow

It would be remiss of me not to kick off this morning’s report with a rundown of last Friday’s US jobs report, which was a belter. Headline payrolls fell by 23,000, versus expectations of an 80,000 gain. The BLS noted that May was revised down by 66,000 (from 129,000) and June by 37,000 (from 57,000), resulting in combined May-June revisions of 103,000 lower than previous reports.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.