Gold tumbles below $4,000 on Trump's Iran port blockade move, US CPI data looms
Gold tumbles below $4,000 on Trump's Iran port blockade move, US CPI data looms
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Gold tumbles below $4,000 on Trump's Iran port blockade move, US CPI data looms
Forex
Japanese yen volatility has returned as traders unwind record short positions ahead of US CPI. With USD/JPY testing major resistance below 163 and intervention risks lingering, futures positioning suggests gains may become harder to come by.
Euro slides as Waller warning, Iran strikes lift US Dollar
Gold's safe-haven narrative is weakening as the Iran conflict lifts oil prices and rate expectations, putting 2026 lows back within reach.
Silver remains under strong selling pressure as bears target key support below $55.60, while resistance at the 20-day moving average continues to cap rallies.
NZD/USD Price Forecast: Holds below 200-day, bears target 0.5700
For a while now my favored major pair for USD-strength is USD/JPY, and that remains in force as we trade into the second half of the year. At this point USD/JPY is on the verge of fresh 40-year highs and the next obvious waypoint along the way is the 165.00 handle that was last in-play back in 1986.
Silver Price Forecast: XAG downtrend accelerates, eyes on $55.00
Gold price crashes as Waller warning sparks Fed hike fears
Precious metals are moving lower as traders bet on hawkish Fed.
Pound Sterling Price News and Forecast: GBP/USD falls as Oil shock boosts the US Dollar
Rising geopolitical tensions provided support to the American currency.
The US Dollar to Canadian Dollar (USD/CAD) exchange rate has eased towards 1.4140 after the Canadian Dollar extended last week's gains following another resilient domestic labour market report. Scotiabank believes the May-June decline in the Canadian Dollar has now likely run its course, with improving economic data helping stabilise.
Gold prices have rebounded from June's sharp correction, but RBC Capital Markets believes investors should be prepared for further volatility before the precious metal resumes its longer-term advance. Gold (XAU/USD) traded around $4,165 after recovering more than 3% in July, following an almost 12% decline in June that briefly pushed.
The euro is forecast to come under renewed pressure against the US dollar this month as rising energy prices reinforce expectations that the Federal Reserve may need to keep monetary policy tighter for longer, according to ING. ING believes the deteriorating situation in the Gulf is proving more supportive for the US dollar than the euro,.
At the time of writing, gold was down about 1.5% and was looking quite bleak amid the strength in USD and bond yields. The yellow metal closed in the red last week, unable to build onto the small gains from the week before.
The gold market has found itself to be a little bit negative in early trading on Monday due to a stronger US dollar and the idea that rates are still extraordinarily high.
As long as we have a strong US dollar, this is still going to be a market that has a certain amount of headwind, as we see the pricing power of silver struggle a bit. Longer-term investors are likely to be buying dips.
Silver Price Forecast: XAG/USD remains range-bound with a bearish bias
Energy prices are once again setting the tone for currency markets, with the renewed tensions in the Middle East reinforcing.