Gold Futures: Scope for further decline

Pablo Piovano FXStreet

Considering advanced prints from CME Group for gold futures markets, open interest rose for the third session in a row on Wednesday, this time by nearly 6K contracts. Volume followed suit and added around 54.4K contracts to the previous daily build.

Gold: Next on the downside comes $2000

Gold prices reversed two daily sessions with gains on Wednesday. The downtick was amidst rising open interest and volume and leaves the door open to further correction in the next sessions. The next level of note on the downside is the key $2000 mark per ounce troy.

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.

AUD/USD edges higher as hot CPI inflation and hawkish RBA lift rate hike bets

The AUD/USD pair gathers strength to near 0.7035 during the Asian trading hours on Friday. The Australian Dollar edges higher against the US Dollar as hotter Australian CPI inflation data has bolstered expectations of Reserve Bank of Australia rate hikes.

Japanese Yen stays resilient after BoJ maintains status quo

The Japanese Yen stays resilient against its major rivals on Friday, with USD/JPY trading in negative territory below 157.50. The Bank of Japan (BoJ) decided to leave monetary policy settings unchanged at the October meeting, as expected. In the post-meeting press conference, BoJ Governor Ueda reiterated that they will continue to raise the policy rate and adjust the degree of monetary easing in reponse to economic activity and prices.

Gold bears retain control below $4,000 as hawkish Fed bets back further losses

Gold extends its intraday breakdown momentum below the $4,000 psychological mark through the early European session on Friday, eyeing the monthly swing low amid hawkish US Federal Reserve expectations. US macro data on Thursday pointed to resilient economic growth and persistent price pressures, solidifying bets of an imminent Fed rate hike in December. This is seen as undermining the non-yielding bullion for the second straight day and backing the case for further depreciation.

The hawkish Fed can't lift the US Dollar anymore

About three more Federal Reserve hikes are already priced in, and the central banks behind the Euro, Pound, Yen and Loonie are raising rates or about to. That leaves the US Dollar Index with little to gain if the Fed keeps leaning toward higher rates.

Binance hack shakes crypto, but XRP pullback may not be so bearish

Crypto markets were hit by a big headline overnight. Binance confirmed a security incident in which a compromised engineer's laptop led to unauthorized withdrawals, with an estimated impact of around $6.3 billion. About $3 billion has been frozen so far, Binance says it will cover the losses, and withdrawals were paused while security checks are completed.

A hot US economy is supposed to sink Gold. It didn't. Here's why

Gold (XAU/USD) remains under pressure near $4,000, as stronger-than-expected United States (US) economic data reinforce expectations of another Federal Reserve (Fed) interest rate hike in December. Economic growth is accelerating, inflation remains elevated, and borrowing costs could rise further.