Gold losing the grip near $1,250.00/oz

Pablo Piovano FXStreet

The troy ounce of the precious metal is under pressure on Wednesday, trading on the defensive around the key $1,250 level.

Gold lower on USD-buying

Prices for the yellow metal are losing ground for the second session in a row today after being rejected from Monday’s tops above $1,257.00.

The firmer recovery of the buck, sustained on solid results from the US docket and supportive Fedspeak prompted Gold-bears to resurface and drag bullion back to the vicinity of $1,245 during early trade, where seems to have found some support.

Gold should stay under pressure ahead in the day with eyes on UK’s triggering of Article 50, US data and more Fedspeak (Williams, Rosengren and Evans).

Dallas Fed and voting member R.Kaplan (hawkish) said on Tuesday that more rate hikes are likely as long as the economy continues on its current track, while Governor J.Powell remarked the uncertainty that still prevails over Trump’s fiscal plans and their potential impact on the economy.

Gold key levels

As of writing Gold is retreating 0.43% at $1,250.15 facing the next support at $1,244.80 (low Mar.23) seconded by $1,243.19 (23.6% of March up move) and then $1,234.21 (38.2% of March up move). On the other hand, a surpass of $1,257.70 (high Mar.27) would open the door to $1,263.10 (2017 high Feb.27) and finally 1,307.00 (high Nov.2 2016).

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.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.