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.

AUD/USD picks up amid easing geopolitical tensions, bright data from China

The Australian Dollar posts moderate gains against the US Dollar on Tuesday, regaining some of the ground lost last week, although it remains at its lowest level in nearly two months. News that Israel and Iran halted hostilities has triggered a mild relief rally. At the same time, upbeat Chinese trade data has provided additional support for the Aussie, as China is Australia’s major trading partner.

Japanese Yen steadies near recent lows as ceasefire, Japan intervention threats offset

USD/JPY trades around 160.15 on Tuesday, remaining close to its highest level since April 30 despite a broadly neutral intraday performance. The pair retains an underlying bullish bias, supported by expectations that US monetary policy will remain restrictive, although upside potential is being capped by the risk of intervention from Japanese authorities.

Gold drops to three-month lows near $4,250

The selling pressure now gathers extra pace and sends Gold to new three-month lows around $4,260 per troy punce on Tuesday. That said, the yellow metal resumes its decline on the back of a recovery attempt in the US Dollar and the likelihood of a tighter-for-longer Fed this year.

Crypto Today: Bitcoin, Ethereum, XRP edge lower despite Middle East tensions easing

Cryptocurrency prices trade amid persistent selling pressure on Tuesday. Bitcoin (BTC) hovers near $63,000, Ethereum (ETH) above $1,650, and Ripple (XRP) around $1.14.

Hotter US inflation numbers could further bolster Fed hike bets

Middle East tensions keep inflation risks elevated. Fed hike fully priced in by year end amid strong NFP report. US CPI data on Wednesday (12:30 GMT) to enter the spotlight. Further acceleration in inflation could drive the Dollar higher.

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.