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EURGBP edges higher on Friday after fresh acceleration lower in past three days failed to clearly break Fibo support at 0.8552 (50% retracement of 0.8239/0.8865 rally, also weekly Ichimoku cloud base) and formed a bear-trap pattern on daily chart that paves the way for recovery.
Forex
Gold regained its 20-day moving average and rising trendline support, signaling early stabilization as traders eye resistance near the 50-day moving average and swing highs.
NZD/USD Price Forecast: Rebounds above 0.5700, bears guard 0.5750
Gold's comeback trade is no longer a quiet contrarian thesis. It is beginning to explode in full view and the market may still be underestimating how powerful the next move could become.
Silver Price Forecast: XAG reclaims $60 as RSI recovery targets $65 breakout
Recent changes in Fed policy outlook provided strong support to gold markets.
Gold price climbs as weak NFP cool Fed hike bets
Current Setup and Live Chart The EUR/PLN is currently trading as a balancing act between the evolving monetary policy of the European Central Bank (ECB) and Poland's relatively resilient economic outlook, which has kept the National Bank of Poland (NBP) cautious in its interest-rate approach. This is a classical playbook of the ECB versus a CEE proxy.
The American currency moved away from session lows in holiday-thinned trading session.
Pound Sterling Price News and Forecast: GBP/USD holds weekly gains as Fed hike doubts deepen
The Pound to Baht (GBP/THB) exchange rate is trading near 44.30, with the pair holding above the 44 level after recovering from lows seen earlier this year. MUFG expects the Thai Baht to remain under pressure and forecasts, against the US dollar, USD/THB to trade at 33.80 over both the three-month and 12-month horizons.
The silver market continues to watch the crucial $60 level as a massive support level, and the market continues to watch the US dollar. Furthermore, the Friday session was a holiday session, so liquidity could be an issue.
Silver has rallied a touch in the early hours of Friday, as we are heading into a holiday, with the Americans not even working.
The US Dollar to Canadian Dollar (USD/CAD) exchange rate remains close to multi-year highs, trading around 1.4200 after rallying almost 3% during June. HSBC continues to expect USD/CAD to move higher, although the bank believes the pace of gains is likely to slow following the pair's strong rally since early May.
The gold market has been strong on Friday, as we are looking at this through the prism of a holiday session, as we are looking at the liquidity dropping.
Following Thursday's weak US jobs report gold bounced back sharply and it has since extended those gains. While the metal may have started the month and quarter on a positive note, it is worth remembering that it has just endured one of its toughest quarters in years and it was nearly 30% worse off from its January peak.
Gold: Price rebound seen as corrective – Commerzbank
Czech's koruna is gaining ground steadily against the euro and the current market fundamentals signal EUR/CZK will likely stay down for now.
Gold prices extended their recovery on Friday after rebounding from June's sharp correction, with RBC Capital Markets arguing that the longer-term bull market remains intact despite recent volatility. The price of Gold in US Dollars (XAU/USD) traded near $4,165, up almost 1% on the day after climbing more than 3% so far in July.
Gold extends gains as weak US NFP data dents Fed rate hike expectations
