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Gold is caught between Iran war demand and rising rate pressure as higher oil, firm yields and a stronger dollar cap the metal's upside.
Forex
Currency analysts at MUFG predict the Euro to recover ground against the Pound Sterling over the coming months, forecasting the Euro-Pound rate will strengthen to 0.8700 as Sterling's recent rally fades and UK political optimism proves difficult to sustain. The Euro to Pound exchange rate (EUR/GBP) traded close to 0.85 on Monday.
Morgan Stanley expects the Pound to weaken against the Australian Dollar over the coming months, forecasting GBP/AUD will fall to 1.82, as improving sentiment towards Australia contrasts with growing political and fiscal risks in the UK. The Pound to Australian Dollar exchange rate (GBP/AUD) traded around 1.93 on Monday after rebounding.
Gold: Fed risks and Dollar strength cap upside – TD Securities
The gold market has bounced a bit during the early part of the trading session on Monday, as we continue to see the death cross loom large. At this point in time, the market still watches several things at once.
Euro: ECB pause seen limiting downside against US Dollar – BBH
Silver continues to see bottom fishing early on Monday, as we continue to see a lot of questions asked of the overall market consensus.
British Pound: Sterling shifts into broader range against US Dollar – UOB
Foreign exchange analysts at Bank of America forecast the Euro to weaken against the US Dollar over the coming months, projecting EUR/USD will fall to 1.12 in the third quarter before recovering to 1.15 by the end of 2026. The Euro to Dollar exchange rate (EUR/USD) traded around 1.15 on Monday after recovering from recent lows near 1.12,.
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Silver climbs near $57 despite renewed Fed rate hike expectations
Euro: Policy divergence supports gains against US Dollar - DBS
GBP/USD has rebounded after two successive daily losses and gained in each of the last three sessions. Is risk setting in?
EUR/USD Price Forecast: Bearish Flag formation backs more downside
Gold holds below 4100 while maintaining the drop pressure over the market. As we see from the chart, prices face support around 3940-45 with resistances at 4050-60 which could hold a trading zone.
As we see from our previous chart, USDJPY managed to pass above the short-term resistance zone of 161.95 which shows a strong advance still ongoing. Prices fell toward 160.50-70 on the suspected intervention before bouncing back.
GBPUSD managed to pass above the resistance of 1.3430 to meet the target of 1.3510 and above. As we see from the chart, a chance for a trading zone between support 1.3320-50 and resistance 1.3555 could hold the market.
EURUSD is still holding above the Intraday support at 1.1380 while managing to advance toward 1.1481 so far. Traders need to watch the support of 1.1380 as the market still has a chance to move higher.
USD/JPY opens the week at 162.36 on Monday. The Japanese yen remains near its lowest level since 1996.
Gold Price Forecast: XAU/USD nears the tip of a triangle formation at the $4,000 area
