Market narrative
Move between stock news, official company releases, crypto, and FX without losing the path back to ticker research.
Gold may be nearing a major bullish breakout as cycle signals point to a possible bottom and a long-term move toward $7,000+.
Forex
GBP/JPY Price Forecast: Struggles at 217.00, recoils towards 216.50
Gold is attempting to confirm a corrective low as it reclaims short-term trend indicators, but major resistance levels will determine whether the recovery can continue.
Silver Price Forecast: XAG remains bearish as ‘evening star' forms
Silver prices slip as the dollar strengthens ahead of FOMC minutes. Read the latest silver analysis, key support levels, and XAG/USD price prediction.
Gold stalls below $4,200 as inflation fears rise
Pound Sterling Price News and Forecast: GBP/USD slips as Hormuz attacks revive USD demand
USD/CAD Price Forecast: Buyers retain the upper hand even as momentum weakens
The strong rally in the oil markets put pressure on gold and silver.
Gold is attempting to stabilize after a nearly 30% decline from the record high, with XAU/USD rebounding from fresh yearly lows on building momentum divergence. The recovery has brought price back above a key pivot zone, but buyers still need to prove they can defend support and extend the rebound into a broader recovery.
The American currency gained ground as traders focused on recent events in the Strait of Hormuz.
The euro continues to face difficult trading sessions in the short term. The European currency has been unable to stabilize a consistent recovery, and for now, a phase of indecision appears to be dominating its recent strength.
Euro: Upside bias against US Dollar as ECB repriced – Scotiabank
Silver falls below $61 as markets await Fed minutes
Canadian dollar technical outlook is approaching a decisive breakout as USD/CAD tests major resistance after six consecutive weeks of gains. Michael Boutros, Senior Market Analyst at FOREX.com, explains the key technical levels to watch, why 1.4239 is the critical breakout zone, and how this week's FOMC minutes and Canadian employment report could determine the next major move for the pair.
Tuesday's action, shaped in tight Doji candle, suggests that recovery leg from 0.6865 (June 30 low) starts to lose traction, following repeated failure at initial Fibo barrier at 0.6961 (23.6% retracement of 0.7271/0.6965) reinforced by falling 20DMA.
EUR/GBP Price Forecast: Bearish bias persists below 0.8600
British Pound: Capped by layered resistance against US Dollar – Scotiabank
The gold market is drifting around at the moment, as we are looking to figure out whether the uptrend can continue.
Silver continues to be very noisy on Tuesday, as we are looking to sort out where we are trying to go in the medium to longer term. At this point, the markets continue to watch the US dollar and interest rate situation.
