Gold price slides further below $3,300, over one-week low amid a firmer USD
Gold price (XAU/USD) trades with a negative bias below the $3,300 mark during the Asian session on Wednesday and drops to a one-and-a-half-week low in the last week.
Copper price climbs above $5.50 as Trump prepares to impose a 50% tariff on imports
Copper price (XCU/USD spot) extends its gains for the second successive session, trading around $5.65 per pound, during the Asian hours on Wednesday.
Elliott Wave outlook: DAX set to rally higher in wave five [Video]
Since April 7, 2025, the DAX Index has been advancing in a clear impulsive cycle, originating from a low that has set the stage for a structured upward movement.
AUD/NZD inches higher to near 1.0900 as RBNZ maintains Official Cash Rate at 3.25%
AUD/NZD holds ground after the Reserve Bank of New Zealand (RBNZ) decided to stand pat on the policy rate after six consecutive cuts, trading around 1.0890 during the Asian hours on Wednesday.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 171.20; (P) 171.61; (R1) 172.30; More… Intraday bias in EUR/JPY remains on the upside at this point. Current rise from 154.77 should target 138.2% projection of 154.77 to 164.16 from 161.06 at 174.03. On the downside, below 169.86 minor support will turn intraday bias neutral and bring consolidations first, before staging another […]
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Gold Technical Analysis – Traders await new catalysts to pick a direction
Fundamental
Overview
Gold remains rangebound as
traders await new catalysts for the next direction. Since the NFP, the path of least resistance has been to the
downside as the hawkish repricing in interest rates expectations weighed on the
precious metal.
In the bigger picture, gold
should remain in an uptrend as real yields will likely continue to fall amid
Fed easing. But further hawkish repricing in rate cuts expectations could trigger
corrections in the short term.
The next key event for the
market will be the US CPI report next week. Soft figures should give gold a
boost, while hot data will likely trigger another selloff.
Gold
Technical Analysis – Daily Timeframe
On the daily chart, we can
see that gold eventually dropped into the major upward trendline again. This is where we can
expect the buyers to step in with a defined risk below the trendline to
position for a rally into a new all-time high. The sellers, on the other hand,
will look for a break lower to pile in for a drop into the 3120 level next.
Gold Technical Analysis – 4 hour Timeframe
On the 4 hour chart, we can
see that the price is already probing below the trendline but the lack of
momentum might be suggesting that it’s not a real breakout. Nonetheless, the
sellers will likely continue to pile in around these levels with a defined risk
above the trendline to keep pushing into the 3120 level next. The buyers, on
the other hand, will want to see the price rising back above the broken
trendline to gain more conviction and target new highs.
Gold Technical Analysis
– 1 hour Timeframe
On the 1 hour chart, we can
see that the momentum has waned around the trendline. From a risk management
perspective, the sellers will have a better risk to reward setup around the minor
downward trendline to position for the break below the major trendline next.
The buyers, on the other hand, will look for a break above the minor trendline
to increase the bullish bets into new highs. The red lines define the average daily range for today.
Upcoming
Catalysts
Tomorrow we get the latest US Jobless Claims
figures but keep an eye also on tariff headlines as Trump continues to roll out
his tariff letters.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
RBNZ Review: OCR Left at 3.25%, as Expected
As widely expected, the RBNZ left the OCR at 3.25%. No vote was required although there remains a split in views among MPC members. The Bank’s commentary suggests a presumption that the OCR will be cut in August subject to data evolving as it expects. Data on core inflation pressures and inflation expectations are likely […]
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Bracing for Impact as Tariffs, Trade Talks Collide
European stocks trade higher on optimism that a trade deal will be announced very soon, and that tariffs applied to European exports to the US will be around 10%. That’s why the Stoxx 600 extended gains above the 50-DMA, though optimism remains largely concentrated in Europe. Elsewhere, the news is far less reassuring. First, hopes […]
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GBP/JPY Daily Outlook
Daily Pivots: (S1) 198.66; (P) 199.08; (R1) 199.63; More… Intraday bias in GBP/JPY remains on the upside for the moment. Firm break of 199.79 resistance will extend the rise from 184.35 to 100% projection of 180.00 to 199.79 from 184.35 at 204.14 next. On the downside, below 198.65 minor support will turn intraday bias neutral […]
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Dollar Leads as Tariff Windfall Fuels Fiscal Hopes, Copper Soars on Tariff News
Dollar is leading the major currencies this week as investors digest an escalating trade war campaign from Washington. While steep tariffs typically raise concerns about disruption to global supply chains and demand, the Trump administration is clearly framing tariffs as a tool not only for reshoring production but also for offsetting revenue losses from recent […]
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