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The gold market is drifting around at the moment, as we are looking to figure out whether the uptrend can continue.
Forex
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.
Gold: Price dip seen limited as PBoC buying continues – Commerzbank
The GBP/EUR currency pair has reached a new 52-week high of 1.171. This follows a period of notable strengthening, with the pound increasing by 1.3% in the past month and by 0.3% over the last five trading days.
Pound Sterling Price News and Forecast: GBP/USD stability above 20-day EMA backs further upside
Current Setup and Live Chart The USD/MXN pair is currently trading in a consolidation between 17.1016 and 17.6417, with the former acting as the price floor and the latter acting as the ceiling. This consolidation comes as traders juggle between U.S. interest rate expectations, global risk sentiment, and Mexico's relatively high interest rates.
Gold stalls recovery as Fed uncertainty keeps buyers cautious
Euro: Upside bias held above strong support against US Dollar – UOB
NZD/USD Price Forecast: Faces pressure near 0.5700 in countdown to RBNZ policy
Gold and silver continue to trade within technically vulnerable zones, keeping the risk of another leg lower alive before a longer-term accumulation opportunity emerges—unless key resistance levels are reclaimed.
Two central banks, two hawkish tones — but only one dollar just took a hit. The ECB delivered a 25bp hike in June, its first since 2023, lifting the deposit rate to 2.25% as Middle East-driven energy costs pushed headline inflation to 3.2% in May before easing to 2.8% in June, with growth downgraded to 0.8% amid weaker confidence.
The EUR/USD forecast remains tilted slightly to the downside as the dollar continues to attract buyers in what has been a relatively quiet start to the week. With little in the way of fresh economic catalysts, investors are focusing on central bank expectations, oil prices, some volatility in the technology sector and broader risk sentiment.
Foreign exchange traders focused on Asian markets often start their day at 9:15 AM Beijing time. This is when the People's Bank of China (PBOC) announces its daily central parity rate for the yuan, also known as the yuan fixing.
The Indian Rupee has remained under pressure this year, with the USD/INR exchange rate trading close to 95.30 despite recent signs of stabilisation. Citi believes decisive action by the Reserve Bank of India should provide near-term support for the Rupee, although it expects the currency to weaken again over the medium term.
The British Pound looks set to extend its recovery against the US dollar in the near term, according to UOB, with the bank expecting GBP/USD to test fresh highs before the current rally begins to lose momentum. While UOB remains constructive over the next one to three weeks, it believes the broader outlook is still one of range trading.
Silver price today: Silver falls, according to FXStreet data
China turns out Gold buyer again
The US dollar failed to capitalise on the escalation of the conflict in the Middle East. Reports of a tanker incident in the Strait of Hormuz are putting US-Iran negotiations at risk.
Silver Price Forecasts: XAG/USD drifts below $61.00 as markets turn cautious
USD/CHF Price Forecast: Resistance at 0.8075 remains in focus as dips find buyers
