{"id":151061,"date":"2019-07-08T12:45:26","date_gmt":"2019-07-08T16:45:26","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=151061"},"modified":"2019-07-08T12:33:29","modified_gmt":"2019-07-08T16:33:29","slug":"gold-wobbles-above-1400-as-dollar-stubbornly-clings-to-gains","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/07\/gold-wobbles-above-1400-as-dollar-stubbornly-clings-to-gains\/","title":{"rendered":"Gold wobbles above $1400 as Dollar stubbornly clings to gains"},"content":{"rendered":"
July 8, 2019<\/div>
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By Lukman Otunuga, Research Analyst, ForexTime<\/a><\/strong>
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Gold limped into the trading week bearing battle scars from last Friday\u2019s NFP induced selloff. Prices are struggling to keep above the $1400 level as of writing and could sink further thanks to the Dollar.<\/p>\n

Investors seem to be re-evaluating whether the Federal Reserve will cut interest rates this month following the stonrg US jobs data and this continues to be reflected in the Dollar\u2019s positive valuation. A resurgent Greenback complemented up with fading hopes of a Fed cut is certainly bad news for zero-yielding Gold in the near term.<\/p>\n

However, Gold bulls are unlikely to lose sleep over this development given how global growth concerns, trade uncertainty and other geopolitical risks linger in the vicinity. Although the Fed may think twice before pulling rate cut trigger this month, the central bank is highly to act before year-end.<\/p>\n

Away from the fundamentals, the technical illustrate a bullish picture on the daily charts. The trend points south despite Friday\u2019s heavy selloff with buyers in control above $1380. A technical rebound from the $1380-$1400 region should inject bulls with enough inspiration to challenge $1430 and beyond.<\/p>\n

Alternatively, a breakdown below $1380 should spark a depreciation towards $1360.<\/p>\n

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GBPUSD aggressively knocks on 1.2500\u2019s door<\/strong><\/p>\n

Buying sentiment towards the Pound continues to diminish by the day as the poisonous combination of Brexit uncertainty, political risk, recession fears cripple appetite for the currency.<\/p>\n

The GBPUSD is heavily bearish on the daily charts and has space for further downside amid an appreciating Dollar. A solid breakdown below 1.2500 should open the gates towards 1.2420 in the near term.<\/p>\n

This setup will most likely be influenced by the pending GDP m\/m report on Wednesday morning.<\/p>\n

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Disclaimer: <\/strong>The content in this article comprises personal opinions and should not be construed as containing personal and\/or other investment advice and\/or an offer of and\/or solicitation for any transactions in financial instruments and\/or a guarantee and\/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.<\/em><\/p>\n<\/div>\n

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Lukman Otunuga, Research Analyst, ForexTime Gold limped into the trading week bearing battle scars from last Friday\u2019s NFP induced selloff. Prices are struggling to keep above the $1400 level as of writing and could sink further thanks to the Dollar. Investors seem to be re-evaluating whether the Federal Reserve will cut interest rates this […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-151061","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=151061"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151061\/revisions"}],"predecessor-version":[{"id":151068,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151061\/revisions\/151068"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=151061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=151061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=151061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}