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Gold Rebounds on Ceasefire FragilityGold edged back up to around $3,330, recovering from a two-week low. While the Israel-Iran ceasefire brought temporary calm, a US intelligence report showed that Iran’s nuclear progress was only briefly disrupted, raising concerns about renewed tensions. Fed Chair Powell adopted a cautious stance, saying rates would likely stay unchanged for now, though a July cut remains possible. Diverging views among Fed members on inflation and job data may limit gold’s upside in the near term. Resistance is seen at $3,355, while support holds at $3,285.
EIGHTCAP:XAUUSD
by ChartMage
EUR/USD Nears 1.1620 Before Powell’s TestimonyEUR/USD edged up to 1.1615 in early European trading on Wednesday, supported by improved risk sentiment after Israel and Iran signaled an end to their air conflict. The truce, backed by pressure from President Trump, increased appetite for risk assets, favoring the euro over the dollar. All eyes are now on Fed Chair Jerome Powell, who reiterated on Tuesday that monetary policy will remain data-driven. However, comments from Kansas City Fed President Schmid hinted at caution due to tariff-driven inflation. While markets expect a rate cut in September, July odds have edged slightly higher. Resistance is at 1.1630, while support is at 1.1530.
by ChartMage
Risk Sentiment Improves, GBP/USD Nears 1.3650GBP/USD extended its rally for a third session, trading around 1.3620 and holding close to Tuesday’s high of 1.3648, its strongest level since February 2022. The pair continues to benefit from improved risk appetite as Middle East tensions ease following Trump’s announcement of a ceasefire between Iran and Israel. Despite the initial increase, investors remain cautious as doubts persist over the ceasefire’s durability and potential nuclear negotiations with Iran. Focus is also on Iran’s enriched uranium stockpile, which continues to raise geopolitical concerns. Meanwhile, Powell, in his congressional testimony, signaled that rate cuts are unlikely before Q4. He acknowledged that new tariffs could push inflation higher from June but maintained that the Fed is prepared to ease policy once conditions allow. Resistance is seen at 1.3655, while support holds at 1.3540.
by ChartMage
Ceasefire Supports Yen’s StrengthThe Japanese Yen stayed strong near a one-week high around 145.5 on Wednesday, supported by risk-off sentiment and dovish commentary from the Bank of Japan. Several BOJ members favored steady rates with concerns over U.S. tariffs and their impact on Japan’s economy. May’s Services PPI remained above 3% yearly, strengthening speculation that the BOJ could still raise rates later this year. Meanwhile, lingering geopolitical uncertainty and expectations of Fed rate cuts continued to pressure the US Dollar. The key resistance is at $146.20, and the major support is at $144.85.
by ChartMage
Safe-Haven Flows Lift Silver Near $36.10Silver (XAG/USD) rose near $36.10 on Monday, snapping a three-day losing streak as rising Middle East tensions increased safe-haven demand. The gain followed US airstrikes on three Iranian nuclear sites Sunday. Iran vowed to respond, while Trump warned any retaliation would be met with greater force. Escalation risks continue to support silver. Additionally, Fed Governor Waller signaled a possible rate cut as early as July. Dovish Fed comments and lower rates tend to increase silver demand by making it more affordable globally. The first resistance is seen at 37.50, while the support starts at 35.40.
FOREXCOM:XAGUSD
by ChartMage
Middle East Conflict Keeps Gold ElevatedGold traded near $3,360 per ounce in choppy conditions on Monday, as investors closely watched developments in the intensifying Middle East conflict following U.S. involvement in Israeli airstrikes on Iran. Over the weekend, U.S. forces targeted Iran’s three main nuclear facilities, with President Donald Trump warning of further action unless Tehran agrees to peace. The eruption of war between Israel and Iran has added new fuel to a rally that has pushed gold prices up nearly 30% this year. Resistance is seen at $3,395, while support holds at $3,316.
EIGHTCAP:XAUUSD
by ChartMage
GBP/USD Weakens Ahead of PMI ReleasesGBP/USD fell to around 1.3405 during Monday’s Asian session as safe-haven flows strengthened the US dollar amid rising Middle East tensions. Fears of Iranian retaliation after US airstrikes on three nuclear sites lifted demand for the Greenback. Trump said Iran’s facilities were “totally obliterated” and warned of stronger attacks unless peace is reached. Iran vowed to respond, saying it “reserves all options.” Investors await June PMI data from the UK and US due later Monday. The Pound remains under pressure after UK retail sales dropped 2.7% MoM in May, well below the expected 0.5% decline and April’s revised 1.3% gain. The BoE held rates at 4.25% last Thursday. Governor Bailey said rates are on a gradual downward path but warned of global unpredictability. Reuters expects 25 bps cuts in both August and Q4. Resistance is seen at 1.3500, while support holds at 1.3415.
by ChartMage
Trump’s Strike on Iran Lifts Dollar, Weighs on EuroEUR/USD dipped to around 1.1480 in early Asian trading Monday as the dollar strengthens following President Trump’s decision to join Israel’s war on Iran, escalating the conflict. Over the weekend, US forces struck three Iranian nuclear sites; Fordo, Natanz, and Isfahan. Trump claimed the facilities were “totally obliterated” and warned of harsher attacks unless Iran seeks peace. The escalation supports safe-haven demand for the dollar, pressuring EUR/USD. Meanwhile, the ECB cut rates for the eighth time this year but signaled a pause in July. President Lagarde said cuts are nearing an end, which may help limit euro losses. Resistance is located at 1.1530, while support is seen at 1.1450
by ChartMage
Yen Falls Despite Japan’s Manufacturing ReboundThe yen fell past 146 on Monday, its lowest in over five weeks, as the US dollar gained on safe-haven demand after US airstrikes on Iranian nuclear sites escalated Middle East tensions. Domestically, Japan’s manufacturing sector grew in June for the first time since May 2024, and services expanded for a third straight month, showing economic resilience. The key resistance is at $148.15 meanwhile the major support is located at $146.15.
by ChartMage
Silver Consolidates After Hitting Multi-Year HighSilver holds near $36.75 in Thursday’s Asian session, steady after a slight pullback from its highest level since February 2012. The trend remains bullish, suggesting more upside. A sustained move above $36.45–$36.50 confirmed a breakout from a descending channel, forming a bullish flag. The RSI has eased from overbought, and momentum indicators support a positive near-term outlook. The first resistance is seen at 37.50, while the support starts at 35.40.
FOREXCOM:XAGUSD
by ChartMage
Gold Climbs as Israel-Iran Conflict DeepensGold rose toward $3,380 on Thursday, recovering earlier losses as safe-haven demand grew amid the escalating Israel-Iran conflict, now in its seventh day. Reports say Israel hit over 20 sites near Tehran, including nuclear and missile facilities, while the U.S. may join the strikes, raising fears of a broader war. Meanwhile, the Fed held rates steady Wednesday but signaled two possible cuts this year, despite high inflation and slowing growth. The move followed renewed pressure from President Trump for deeper cuts. Resistance is seen at $3,370, while support holds at $3,316
EIGHTCAP:XAUUSD
by ChartMage
BoE in Focus as GBP/USD Nears 1.3410GBP/USD remains under pressure for a third day, trading near 1.3410 in Thursday’s Asian session, as safe-haven demand strengthens the US Dollar amid Israel-Iran tensions. The BoE is expected to hold rates at 4.25% today. UK inflation eased to 3.4% in May from 3.5%, in line with forecasts but still above the 2% target. Markets still price in about 48 basis points of BoE cuts by year-end. Resistance is seen at 1.3440, while support holds at 1.3260.
by ChartMage
EUR/USD Slips as Fed Stays HawkishEUR/USD fell toward 1.1465 in Thursday’s Asian session, pressured by a risk-off mood as Middle East tensions rise. The focus shifts to speeches from ECB officials Lagarde, Nagel, and de Guindos for further guidance. On Wednesday, the Fed held rates at 4.25%–4.50% and signaled a slower pace of cuts, citing inflation risks from Trump’s new tariffs. The FOMC still projects two cuts in 2025 Bloomberg reported the US may strike Iran in the coming days, raising safe-haven demand for the dollar and adding pressure on the euro. ECB’s Lagarde said rate cuts are nearly done and that the ECB is well-positioned to manage current uncertainties. Resistance is located at 1.1475, while support is seen at 1.1415
by ChartMage
Yen Slips as Fed Holds and Risks MountThe yen weakened past 145 on Thursday, nearing a three-week low as the stronger U.S. dollar gained support from the Fed’s steady rate decision and cautious outlook. Concerns over Trump’s tariffs and Middle East tensions increased safe-haven demand for the dollar over the yen. The BOJ also kept rates unchanged Tuesday and signaled a gradual asset reduction. Governor Ueda noted that rate hikes remain possible if inflation rises. The key resistance is at $145.30 meanwhile the major support is located at $142.50.
by ChartMage
Silver Up Slightly as Markets Await PowellXAG/USD rose 0.3% to $37.23 on Wednesday, though gains were capped by a stronger U.S. dollar as investors turned to safe assets amid escalating geopolitical tensions and caution ahead of the Federal Reserve’s decision. Silver’s safe-haven appeal remained, but the firmer dollar made it less attractive for non-dollar buyers. Markets are now watching Fed Chair Jerome Powell’s remarks for clues on future policy and near-term direction for silver. Resistance is set at 37.50, while support stands at 35.40.
FOREXCOM:XAGUSD
by ChartMage
Gold Steady Near $3,390 Ahead of Fed DecisionGold rebounded from early losses on Wednesday, returning to around $3,390 as the Iran-Israel conflict entered its sixth day. Israel confirmed strikes near Tehran and reported missile launches from Iran, while President Trump’s national security meeting fueled speculation about potential U.S. involvement. Investors also focused on the Federal Reserve meeting, with no rate change expected but attention on guidance amid trade tensions and global uncertainty. Resistance is seen at $3,430, while support holds at $3,350.
EIGHTCAP:XAUUSD
by ChartMage
Yen Holds Ground as BoJ Stays CautiousThe yen held near 145.1 per dollar on Wednesday following three consecutive sessions of losses, weighed down by soft economic data and trade uncertainty. Japan’s exports declined in May for the first time in eight months, alongside drops in machinery orders and manufacturing sentiment. The Bank of Japan left rates unchanged and maintained a cautious tone, though Governor Ueda signaled future hikes remain possible. Trade talks between Prime Minister Ishiba and President Trump at the G7 summit showed no progress on tariffs. Resistance is at 145.30, while support stands near 142.50.
by ChartMage
Silver Gains on Tensions, Eyes on FedFriday’s strong U.S. data may support the dollar, as the University of Michigan’s Consumer Sentiment Index rose to 60.5 in June from 52.2, beating forecasts of 53.5 and marking the first gain in six months. Geopolitical tensions continue to drive safe-haven demand, especially for silver. Israel struck Iranian nuclear and missile sites Friday, killing military officials. On Sunday, Iran began its fourth phase of response, warning of firm retaliation to further Israeli actions. Markets now turn to Wednesday’s Fed meeting. While rates are expected to stay unchanged, futures still price in two cuts this year, possibly starting in September, supported by last week’s soft inflation data. Resistance is set at 36.90, while support stands at 35.40.
FOREXCOM:XAGUSD
by ChartMage
Pound Stable as Markets Eye BoE, Fed MovesGBP/USD remains below Friday’s three-year high, trading around the mid-1.3500s in a narrow range during Monday’s Asian session. The pair shows limited downside as traders await a busy week of key data and central bank decisions. Markets are watching the UK CPI on Wednesday and the Bank of England’s policy announcement on Thursday, both crucial for the Pound. The US Federal Reserve will also decide on rates Wednesday, likely guiding the dollar’s short-term path. Friday’s UK GDP showed a 0.3% contraction in April, increasing bets on faster BoE rate cuts. The USD is supported by safe-haven flows due to Middle East tensions, though soft US inflation data has raised expectations for Fed cuts by September. A broadly positive global risk mood is offering some support to GBP/USD. Resistance is at 1.3600, with support around 1.3425.
by ChartMage
ECB’s De Guindos Sees Balanced Inflation RisksEuropean Central Bank Vice President Luis de Guindos said Monday that the EUR/USD at 1.15 does not hinder the ECB’s inflation goal, noting the euro’s gradual rise and stable volatility. He stated inflation risks are balanced, with little chance of falling short of the target, and that markets have clearly understood the ECB’s recent policy signals. De Guindos reaffirmed the ECB is close to its inflation objective Looking ahead, he warned that tariffs could slow growth and inflation in the medium term but expressed confidence in the Fed maintaining swap line arrangements. He also confirmed there have been no discussions about repatriating gold reserves from New York. At the time, EUR/USD was down 0.09%, trading near 1.1537. Resistance is located at 1.1580, while support is seen at 1.1460.
by ChartMage