Gold leaps back over $1800

“Formal education will make you a living; self-education will make you a fortune.” — Jim Rohn

 

 

HEADLINES

 

 

• Dollar slips after last week's climb as data eases tapering fears
• Oil jumps 5% after 7 days of losses, boosted by weaker dollar
• Gold futures settle back above $1,800 as U.S. dollar retreats
• S&P 500, Nasdaq Ride Energy, Tech Rally to Record Highs
• Pfizer-BioNTech COVID-19 vaccine wins full U.S. FDA approval
• Bitcoin breaks $50,000 for the first time since mid-May in an ongoing crypto recovery

 

 

FOREX

 

 

Dollar slips after last week's climb as data eases tapering fears

 

The U.S. dollar slid on Monday, after posting its biggest weekly rise in more than two months last week, as markets embraced a risk-on mood with weak data suggesting the Federal Reserve is unlikely to quickly remove its accommodative monetary stance. U.S. business activity growth slowed for a third straight month in August as capacity constraints, supply shortages and the rapidly spreading Delta variant of the coronavirus weakened the economic rebound, data firm IHS Markit said.

 

 

COMMODITIES

 

 

Oil jumps 5% after 7 days of losses, boosted by weaker dollar

 

Oil prices rose on Monday, recovering from a seven-day losing streak as investors hunted for bargains and a softer dollar lent support, though persistent anxiety over surging cases of the Delta coronavirus variant kept sentiment cautious. Both benchmarks marked their biggest week of losses in more than nine months last week, with Brent sliding about 8% and WTI about 9%.

 

Gold futures settle back above $1,800 as U.S. dollar retreats

 

Gold futures settled higher on Monday, supported partly by weakness in the U.S. dollar, leading prices back above a key market above $1,800 for the first time in over two weeks. Moves higher for the yellow metal come ahead of an economic policy symposium where Federal Reserve Chairman Jerome Powell on Friday may indicate that the central bank will slow monthly purchases of Treasuries and mortgage-backed securities that had helped to prop up financial markets during the height of pandemic-induced selling in spring of 2020.

 

 

STOCKS

 

 

S&P 500, Nasdaq Ride Energy, Tech Rally to Record Highs

 

The S&P 500 and Nasdaq climbed to all-time highs Monday, led by energy as oil prices snapped their longest losing streak 2019, while megacap tech made a strong start to the week. Energy rallied more than 3% as oil prices rebounded from near-three month lows, supported by a weaker dollar, and positive pandemic news as China. Technology stocks, up 1%, also supported the broader market melt-up as megcap tech continued to add to gains from the tail-end of last week.

 

Pfizer-BioNTech COVID-19 vaccine wins full U.S. FDA approval

 

The FDA, which gave the two-dose vaccine emergency-use authorization in December, gave its full approval for use in people age 16 and older based on updated data from the companies' clinical trial and manufacturing review... Pfizer shares were up around 2.5% and BioNTech shares were up more than 10%.

 

 

CRYPTO

 

 

Bitcoin breaks $50,000 for the first time since mid-May in an ongoing crypto recovery

 

Bitcoin topped the closely watched $50,000 level again in an ongoing recovery in the cryptocurrency market from a disorderly rout just three months ago. The largest virtual coin advanced as much as 3.5% to almost $50,093 in Asian trading Monday, with other tokens including Ether and Cardano’s ADA also rising. Bitcoin was last above $50,000 in mid-May.

 

 

CHART

 

 

Gold – 4 Hour Candlesticks

Source: GKFX Prime Metatrader 4

XAU/USD has broken above a falling channel as well as the 1800 big figure. If the channel is part of a bull flag, then the price is projected to repeat the rally from the flash-crash low to the upside of the breakout - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

SOURCE

 

https://www.fxstreet.com/economic-calendar
https://www.investing.com/news/stock-market-news/sp-500-nasdaq-ride-energy-tech-rally-to-record-highs-2597283
https://www.investing.com/news/stock-market-news/us-fda-grants-full-approval-to-pfizerbiontech-covid19-vaccine-2596998
https://www.fxempire.com/news/article/oil-jumps-5-after-2-768518
https://www.marketwatch.com/story/gold-futures-head-higher-as-u-s-dollar-retreats-11629719361
https://www.marketwatch.com/story/gold-futures-head-higher-as-u-s-dollar-retreats-11629719361
https://www.channelnewsasia.com/business/dollar-slips-after-last-weeks-climb-data-eases-tapering-fears-2130551
https://fortune.com/2021/08/23/bitcoin-price-breaks-50k-crypto-recovery/