Search LOGIN

Gold dives $50 after payrolls beat

“I cannot discover that anyone knows enough to say what is and what is definitely not possible.” – Henry Ford

 

 

HEADLINES

 

 

  • Dollar heads for third weekly gain as payrolls data looms
  • The bears are back as gold price drops nearly $50
  • Oil falls in biggest weekly decline in months on demand worries
  • Dow rises 100 points, closes at record high after jobs report
  • Buffett Slows Buybacks, Sells Stocks With Market at Highs
  • Here’s what traders expect now that Ethereum price is over $3,000

 

 

FOREX

 

 

Dollar heads for third weekly gain as payrolls data looms

 

The dollar steadied on Friday ahead of data from the United States that is expected to show an increase in job creation and a lower unemployment rate for March, as the the world’s largest economy maintains a steady recovery from the pandemic.

Sentiment for the dollar has improved in recent weeks, while Treasury yields have spiked, as the Biden administration’s planned stimulus of over $2 trillion and a rapid COVID-19 vaccine roll out spurred economic optimism as well as inflation fears.

 

 

COMMODITIES

 

 

The bears are back as gold price drops nearly $50

 

Sentiment in the gold market has been fairly volatile as prices have been stuck in a range; however, the outlook is now clearly bearish as the precious metal falls through critical support levels following stronger than expected employment data. Although gold was under pressure all week, after being unable to break resistance at its 200-day moving average of around $1,830, most of the selling pressure came Friday after the U.S. Labor Department said that 943,000 jobs were created in July, significantly beating consensus forecasts.

 

Oil falls in biggest weekly decline in months on demand worries

 

Oil prices fell about 1% lower on Friday, posting to their steepest weekly losses in months, on worries that travel restrictions to curb the spread of the Delta variant of COVID-19 will derail the global recovery in energy demand. Crude futures also came under pressure as the dollar strengthened after monthly U.S. job growth came in higher than expected.

 

 

STOCKS

 

 

Dow rises 100 points, closes at record high after jobs report

 

Stocks tied to the economic recovery rose after a stronger-than-expected jobs report on Friday, sending two key market averages to all-time highs. Stocks tied to the economic recovery rose after a stronger-than-expected jobs report on Friday, sending two key market averages to all-time highs.

Friday’s jobs report showed that the U.S. economy added 943,000 jobs in July, according to the Labor Department. Economists expected the economy to have added 845,000 jobs last month

 

Buffett Slows Buybacks, Sells Stocks With Market at Highs

 

Despite having more than $144 billion of funds at his disposal, the Berkshire Hathaway Inc. chief executive officer ended up taking a step back with his capital deployment during the second quarter. He repurchased just $6 billion of Berkshire stock, the lowest amount of buybacks since the middle of 2020, and was a net seller of other stocks for the third quarter in a row, according to the conglomerate’s second-quarter earnings released Saturday.

 

 

CRYPTO

 

 

Here’s what traders expect now that Ethereum price is over $3,000

 

ETH traders hint that the bull market could be back after Ethereum price hit $3,000 for the first time in 79 days. This week Ethereum's London hardfork was completed without a hiccup and investors have now reset their eyes on new highs above $3,100.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Ether (ETH) did in fact experience a “sell the news” sell-off shortly after London went live but dip buyers quickly rushed in and pushed its price back above $2,800, its highest level since June 7. This bullish momentum extended further after Bitcoin price surged above $44,000 and at the time of writing Ether trades at $3,050.

 

 

CHART

 

 

Gold – 4 hour Candlesticks

Source: GKFX Prime Metatrader 4

XAU/USD failed for a third time to break through resistance at 1830 and plummeted through near term support at 1795 to stop just short of next support at 1755, which based on bearish momentum looks likely to break. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

SOURCE


https://www.fxstreet.com/economic-calendar
https://finance.yahoo.com/news/buffett-berkshire-slows-share-repurchases-121054505.html
https://cointelegraph.com/news/here-s-what-traders-expect-now-that-ethereum-price-is-over-3-000
https://www.cnbc.com/2021/08/05/stock-market-futures-open-to-close-news.html
https://www.reuters.com/article/uk-global-forex/dollar-heads-for-third-weekly-gain-as-payrolls-data-looms-idUSKBN2BP0BB
https://www.kitco.com/news/2021-08-06/The-bears-are-back-as-gold-price-drops-nearly-50-next-target-is-1-750.html
https://www.reuters.com/business/energy/us-oil-set-biggest-weekly-loss-since-oct-delta-variant-fans-demand-worries-2021-08-06/

Topics :

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. See our full Risk Disclosure and Terms of Business for further details.