Gold Technical Analysis: Set-up remains in favor of bullish traders, likely to target a move beyond $1330 level

Haresh Menghani FXStreet

• The precious metal struggled to capitalize on the early positive move to three-week tops and started retreating from a resistance marked by 61.8% Fibonacci retracement level of the $1347-$1281 recent slide.

• However, given the overnight sustained break through 200-period SMA on the 4-hourly chart, bullish technical indicators on hourly/daily charts support prospects for an extension of the near-term positive move.

• Moreover, the fact that the intraday downtick remains supported near 50% Fibonacci retracement level add credence to the constructive outlook and should attract dip-buying near the mentioned resistance break-point.

• Meanwhile, a convincing break through 61.8% hurdle, near the $1321-22 region, would set the stage for the commodity’s further appreciating move towards $1326-27 intermediate zone en-route $1332-33 resistance.

Gold 4-hourly chart

Author

Haresh Menghani

FXStreet

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

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold targets $4,300 amid stronger Dollar

Gold faces increasing selling interest and navigates the area of three-month lows near the $4,300 mark per troy ounce on Friday. The precious metal’s decline comes as traders assess the stronger-than-expected NFP, while the bid bias in the Greenback and higher US Treasury yields also collaborate with the retracement.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

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.