Gold to take a trip to $1251 on strong dollar?

Ross J Burland FXStreet

XAU/USD, Gold extended the losses for the week ahead of the nonfarm payrolls on Friday and the next major catalyst to a much firmer dollar on Thursday.

‘Further rate hike’ rhetoric from the Fed continues - ANZ

Spot gold went from London's high at $1,278.96 down to $1,266.34 by the NY close due to strong US data and the Fed's speakers in the session. The turnaround in sentiment for the precious metal was underpinned on Thursday with the political movements in Washington as well that paves way for tax cuts by a simple majority vote. US stocks continue to print new highs in the bullish environment where investors are seemingly resilient to risk factors in the background of a hellbent market currently - bearish for the non-yielding safe-haven metal.

Nonfarm Payrolls Preview: sour numbers to have limited impact of Fed's decision

However, should the nonfarm payrolls be a disappointment where the effect of Hurricanes Irma, Harvey and Maria overhang on job creation for September, the dollar could be in for some profit taking?

Gold levels

On the downside, $1262 (200-DMA), if broken opens risk to $1251 (Aug. 8 low) and $1243 (Jul. 26 low). On the flipside, resistances comes back in at $1282 (Oct. 4 high), $1295 (20-DMA) and $1300 (psychological level).

AUD/USD looking for lower ground below 0.78 handle?

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

GBP/USD trims gains, hovers around 1.3520 on US CPI data

GBP/USD adds to the weekly move higher and keeps the trade above the 1.3500 threshold on Wednesday. Cable’s extra recovery follows the modest selling pressure on the Greenback after US CPI readings matched consensus in July.

EUR/USD retargets 1.1550 on US inflation

EUR/USD picks up some traction and flirts with the 1.1550 region on Wednesday. The pair’s modest advance comes as the US Dollar gathers some steam after US CPI data matched estimates last month.

Gold clings to gains above $4,400 post-US CPI

Gold reverses the recent weakness and reclaims the area past the $4,400 mark per troy ounce on Wednesday. The precious metal’s recovery picks up pace and exceedes the $4,400 level in the wake of the release of in-line US inflation figures in July and the marginal gains in the US Dollar.

Ripple lags recovery as exchange reserves expand

Ripple is trading within a broadly constrained technical structure, with support at $1.00 and key moving averages limiting its recovery potential. In August, the remittance token declined by approximately 6.5%, extending its total pullback to around 14% from July's $1.18 peak.

911 million shares freed: Why SpaceX rallied into its own supply

The most heavily trailed supply event of the year landed on August 6, and the SpaceX (SPCX) stock went up. Roughly 911.5 million shares held by insiders and early backers became eligible to trade, around 43% more than the entire float sold at the listing.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.