Gold sits near 4-month tops, modest USD rebound capping gains

Haresh Menghani FXStreet

Gold traded with a mild positive bias for the fifth consecutive session and remained within striking distance of 4-month tops, touched in the previous session.

The precious metal built on its strong up-move from December's near 5-month lows and continued benefitting from the recent US Dollar slump, despite growing expectations for a gradual Fed monetary policy tightening through 2018

Even expectations of tighter monetary policies from the BOJ and ECB did little to dampen demand for the non-yielding yellow metal, with the prevalent strong USD bearish sentiment supportive of the strong bullish momentum for the dollar-denominated commodity.

Bulls now seemed taking a breather just ahead of 2017 daily closing highs resistance near $1349 region and the up-move was being capped by a modest greenback recovery attempt. In absence of any major market moving economic releases, the USD price dynamics would continue to act as an exclusive driver of the commodity's momentum on Tuesday.

Technical levels to watch

Any up-move beyond $1344 level is likely to confront resistance near $1349 area ahead of the $1357 region (2017 yearly tops). On the flip side, $1335 level now seems to act as an immediate support, which if broken might prompt some profit-taking back towards $1328 intermediate level en-route $1322 horizontal support.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD remains on the back foot near 1.1750

EUR/USD is coming under renewed pressure, sliding towards multi-week lows in the mid-1.1700s on Thursday. The move lower reflects another strong session for the US Dollar, with the Greenback drawing fresh support from a batch of firm US data that reinforced its underlying bid.

GBP/USD drops further, hovers around 1.3460

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3440 area, its lowest levels in around four weeks. The move reflects a firmer Greenback, supported by another round of solid US data, while a somewhat divided FOMC Minutes has added an extra layer of uncertainty around the Fed’s rate path, keeping Cable on the defensive.

Gold unable to attract investors ahead of key US data

Gold is trading with humble gains on Thursday, hovering around the key $5,000 mark per troy ounce. The yellow metal remains underpinned by renewed geopolitical tensions in the Middle East, even as a stronger US Dollar and rising US Treasury yields across the curve limit the upside and keep price action relatively contained.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

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.