Gold Futures: Downside looks limited near term

Pablo Piovano FXStreet

According to preliminary readings from CME Group for gold futures markets, open interest dropped by nearly 3K contracts on Thursday after four consecutive daily builds. In the same line, volume shrank for the second session in a row, this time by around 4.6K contracts.

Gold could revisit recent peaks around $1865

Gold prices retreated sharply on Thursday on the back of shrinking open interest and volume, which is supportive that a deeper pullback appears out of favour in the very near term. The resumption of the upside momentum is expected to retarget recent highs at $1865 per ounce troy.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD gains as easing Fed hike bets weigh on US Dollar

GBP/USD continues its winning streak for the ninth consecutive day, trading around 1.3390 during the Asian hours on Tuesday. The currency pair rises as the US Dollar faces headwinds as market participants scale back expectations for Federal Reserve rate hikes this month and in September.

EUR/USD extends the range play above 1.1400 as Hormuz risks support USD

The EUR/USD pair extends its sideways consolidative price move during the Asian session on Tuesday, though it manages to hold comfortably above the 1.1400 mark. Moreover, spot prices remain well within striking distance of a nearly two-week high, touched last Thursday.

Gold extends pullback from $4,200 as eyes turn to Fed Minutes

Gold attracts sellers for the second straight day and drops to the $4,125-$4,124 region. Crude oil prices edge higher amid renewed tensions in the Strait of Hormuz, reviving inflationary concerns, and in turn acts as a tailwind for the US Treasury bond yields and a key factor driving flows away from the non-yielding yellow metal.

Bitcoin loses steam around $63,000 – DeFi tokens rally

Bitcoin sustains above $63,000 at press time on Tuesday, upholding a streak of six consecutive days of gains despite Strategy selling 3,588 BTC on Monday. The broader crypto market sentiment holds while DeFi tokens such as DeXe and LayerZero emerge as top gainers over the last 24 hours.

The US Dollar just beat the Swiss Franc at its own safe-haven game

As the king among safe havens, the Swiss Franc is supposed to benefit from geopolitical shocks such as the Iran war. This time, it didn’t. The Swissie is nearly 6% below January’s peak against the USD after a sharp decline that came along with the war in Iran and the closure of the Strait of Hormuz.

Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.