Gold prices eased into the weekend as yesterday’s dollar appreciation gains momentum on surprise inflation statistic. Safe haven demand likely to keep gold afloat

The Australian Dollar collapsed to end last week with the US Dollar finding favour with increasing bets that the Fed will be cutting the target rate later this year.

The US Dollar fell cautiously this past week as the Federal Reserve raised interest rates and Chair Jerome Powell was unable to suppress summer rate cut bets. Eyes turn to CPI and Fedspeak.

Gold has produced a phenomenal week of volatility with markets shifting from major risk aversion to surrendering most of its gains as US jobs data runs hot

The Australian Dollar finished stronger last week but mostly on the back of a struggling US Dollar with solid domestic data mostly ignored amid growing anxiety of where the US is headed.

Gold prices have been stuck in a broad range these last two weeks. Potentially high impact event risk (FOMC, PMI or NFP) may provide the necessary impetus for a breakout.

The Australian Dollar stumbled last week but remains within a two-month range and with monetary policy decisions ahead, a breakout might see momentum unfold in AUD/USD.

The precious metal turned sharply lower at the end of the week as impressive US PMI data lifted the downtrodden dollar. US GDP data next week likely to provide direction

The US Dollar finally got a break this week after persistent losses. But, this may be short-lived if GDP signals that uninspiring growth is ahead. What are the key DXY levels to watch next week?

Gold’s rise to a new 13-month high reaffirms that the near-term trend remains up on hopes that the US Fed is nearing the end of the tightening cycle. The yellow metal is now approaching one of the strongest resistance levels that it has faced in months.