Fed officials offer mixed signals int the blackout period and sends the dollar higher.Gold drops below the 1430 downside key support level again.Gold prices on Friday gave back earned ground from the prior session following a dialled back in the markets with respect to Federal Reserve rate cut expectations. Spot prices fell from a high of $1,452.95 to a low of $1,420.35, ending the New York session at $1,425.35 and -1.49%.   The greenback stablised following The Wall Street Journal's report that Fed officials, based on recent public statements and interviews, were actually signalled they were ready to cut rates by a just a quarter-percentage point and not by 50 basis points. The Dollar was 0.3% higher at 97.104 in the DXY by the precious metal's close and was closing the New York session back on he 97 handle, + 0.41%. The 10-year Treasury note was yielding 2.0494%.   Meanwhile, gold futures were also ending lower for the session as the dollar strengthened, although they ended higher of the week after logging their first intraday climb above $1,450 an ounce in six years. August gold trading dropped by $1.40, or 0.1%, to settle at $1,426.70 an ounce, after touching an intraday high of $1,454.40.  From here, markets will be watching economic data next week as Fed speakers go into the blackout ahead of the July 31st FOMC meeting. Meanwhile, the Dollar is also subject to the trade wars with President Trump trying to jawbone the USD lower since day one. "Yet the combination of late-cycle stimulus and a global trade wars blunted his efforts. Now, with those economic diminishing the mere threat of intervention is enough to knee-cap the USD. In turn, intervention seems unlikely, especially if f natural forces already want to pull the USD lower," analysts at TD Securities explained.  Gold levels Technically, a symmetrical triangle has been taking shape and today's drop has sent the price back into the ranges and below the 1430 downside key support level again. If the price break below 1420/25, bears will look for a run below the 1400 psychological level. The 23.6% Fibo of the latest swing lows and highs are located at 1398. Below here, we are looking down the barrel at $1,373/76 zone which meets the 19th June spike correction lows and the 38.2% Fibo of the same swing ranges.  

The Nasdaq Composite Index dropped 60 points to 8,146.The DJIA index ended down 68 points 27,154.The S&P 500 index lost 18 points at 2,976.Wall Street's benchmarks were ending the session on Friday lower as counter reports to the prior day's hype with respect of a 50 basis point rate cut from the Federal Reserve suggest that there will only be a 25 basis point rate cut. There were also headlines that Iran had seized a British-flagged oil tanker in the Strait of Hormuz which was not risk-friendly. Consequently, the Dow Jones Industrial Average, DJIA, ended down 68 points 27,154 and the S&P 500 index lost 18 points at 2,976. The Nasdaq Composite Index dropped 60 points to 8,146.Trump: Iran is in big trouble now, the economy is crashingThe Wall Street Journal dialled back expectations of a 50 basis point cut at the end of this month's Federal Open Market Committee's meeting as it reported that the Fed officials, based on recent public statements and interviews, signalled they were ready to cut rates by a quarter-percentage point. This sent the Fed-funds futures pricing in just a 22.5% chance of a half-point move, much lower than the 40% probability earlier in the day. US rates bear-flattened as a result with the front-end giving up most of its 5bp rally on the back of the William's noise the prior day. Elsewhere, corporate earnings showed a better-than-expected result from  Microsoft Corp with solid growth in Azure and LinkedIn. "Markets will be watching economic data next week as Fed speakers go into the blackout ahead of the July FOMC meeting. Geopolitics will also be closely watched over the weekend as tensions with Iran appear to be escalating," analysts at TD Securities explained.  DJIA levels On a technical basis, the DJIA continues to consolidate, capped at recent record highs.  Below the 20-Day moving average at 26888,  the 23.6% retracement of the 3rd June low to 12th July recently printed high falls in at 26706 which meets April 23rd and 1st May double-top highs. Below there, we have the 23.6% retracement of the Dec 2018 to recent highs at 26056. the 38.2% fibo at 25226, below the 200-day moving average, comes in should the air b let out of the bubble on a disappointment from the Fed.