So, all things being equal, while this is a nice bounce, it really hasn’t fundamentally changed much as far as technical analysis is concerned. We’re just seeing more of the same behavior. There are, more likely than not, going to be a lot of sellers just above waiting to get involved, so at the first signs of exhaustion, there will be people very concerned about holding onto silver, would be my estimate.
To the downside, the $50 level has been both support and resistance in the past, mainly resistance though. It has been the top of the market multiple times until recently, going all the way back to the 1970s and the Hunt brothers trying to corner the market. Because of that, I would anticipate a lot of noise in that area if we do start to fall apart.
Markets struggled to settle on a single narrative today as investors weighed conflicting geopolitical headlines alongside a range of regional developments. Reports that mediators had proposed a 10-day ceasefire between Washington and Tehran initially offered hope that last month’s Memorandum of Understanding could be revived. Those hopes were tempered, however, by market chatter that US President Donald Trump may reject the proposal, leaving traders reluctant to make large directional bets.
That uncertainty was enough to lift Brent crude back above $91 a barrel, helping Dollar edge higher alongside a modest rise in US Treasury yields. Still, the broader market reaction remained restrained. Without confirmation from either side, investors were unwilling to fully embrace either a de-escalation or renewed escalation scenario, leaving most major asset classes confined to relatively narrow ranges.
The stronger oil price nevertheless carries broader implications for foreign exchange. Rising energy costs risk feeding inflation expectations and keeping upward pressure on Treasury yields, a combination that has historically supported Dollar against Yen. With the US 10-year yield back above 4.6%, USD/JPY is once again approaching levels associated with the Yen’s weakest point in 40 years.
The timing is notable. Japanese authorities did not intervene during Monday’s holiday, despite the combination of closed domestic markets and thinner-than-usual liquidity providing an opportunity to catch speculative positioning off guard. With that window now behind them, market participants may increasingly test Tokyo’s tolerance for further Yen weakness if oil prices continue to rise and Treasury yields extend their advance.
Away from geopolitics, Sterling was under pressure as investors continued to digest Prime Minister Andy Burnham’s decision to name John Healey as Chancellor. Opinions were divided over the implications. Supporters argue the appointment signals a commitment to fiscal discipline and respect for bond markets, while critics believe it undermines assumptions that a fiscally conservative figure would restrain the government’s broader agenda. Until greater policy clarity emerges, confidence in UK assets may take time to recover.
Trade policy also stayed on the radar as US and Mexican officials prepared to begin a third round of bilateral talks aimed at revising the USMCA, following Washington’s decision earlier this month not to renew the regional trade agreement while simultaneously imposing fresh duties on Canada. Although the negotiations are unlikely to generate immediate market moves, they reinforce that North American trade policy remains an evolving source of uncertainty.
For the day so far, Australian Dollar outperformed major peers, followed by Euro and New Zealand Dollar. Sterling lagged behind all other major currencies, with Yen and Swiss Franc also weaker, while Dollar and Canadian Dollar traded in the middle of the performance table.
AUD/USD Breaks Higher, but Jobs Data Will Decide Whether Rally Lasts AUD/USD climbed to a four-week high as broad US Dollar weakness, improving risk sentiment and a rally in copper prices combined to lift the Australian Dollar. However, the move has so far been driven largely by external factors rather than domestic fundamentals. Attention is now firmly on Australia’s June employment report, which is expected to play a decisive role in shaping expectations for an August RBA rate hike and determining whether the breakout can develop into a sustained rally. Read More.
USD/CAD Climbs as Trump Expands Tariffs Beyond USMCA Protections USD/CAD advanced after the Trump administration announced a new round of 50% tariffs on selected Canadian imports, but the market reaction reflected more than the immediate trade impact. Investors viewed the measures as further evidence that Washington is increasingly willing to bypass USMCA protections by invoking alternative legal authorities, reinforcing the perception that US-Canada trade tensions are becoming structural. While Canada’s response has so far remained measured, the risk of reciprocal tariffs could deepen the economic headwind for Canada and keep pressure on the Canadian Dollar. Read More.
German ZEW Sentiment Jumps to One-Year High as Recovery Hopes Strengthen German investor confidence strengthened sharply in July, with the ZEW Economic Sentiment Index climbing to its highest level in five months as optimism over exports, domestic demand and economic reforms continued to build. While assessments of current conditions remain weak, they also improved modestly, suggesting the recovery is gradually broadening. The survey also showed confidence improving across the Eurozone, although ZEW warned that the Iran conflict and elevated oil prices remain significant risks to the region’s economic outlook. Read More.
UK Wage Growth Holds Steady as Payroll Employment Continues to Weaken The latest UK labour market report reinforced the picture of a gradual cooling rather than a sharp slowdown. Payroll employment continued to soften, while wage growth remained stable at its weakest pace since 2020. Although the unemployment rate held steady and claimant growth came in well below expectations, moderating earnings should provide further reassurance to the Bank of England that domestic inflation pressures are easing. Read More.
New Zealand CPI Hits 4.1% as Fuel Costs Reinforce RBNZ Challenge New Zealand’s annual inflation accelerated to 4.1% in the second quarter as higher petrol and fuel prices drove the strongest increase in consumer prices. While the headline reading came in slightly above the RBNZ’s own forecast, the details showed imported inflation remained the primary driver, with tradeable inflation reaching 4.9% compared with 3.4% for non-tradeable inflation. The report keeps pressure on the RBNZ to remain vigilant, but policymakers will be focused on whether higher energy costs begin spilling over into broader domestic inflation before deciding whether further tightening is needed. Read More.
USD/JPY Daily Outlook USD/JPY is still staying below 162.83 despite today’s rally. Intraday bias remains neutral. Consolidations from 162.83 could extend with another fall. But in that case, but downside should be contained by 38.2% retracement of 155.01 to 162.83 at 159.84. On the upside, firm break of 162.83 will extend the larger up trend to 164.34 projection level.
In the bigger picture, rise from 139.87 (2025 low) is seen as another rising leg of the long term up trend. Next target is 61.8% projection of 139.87 to 159.44 from 152.25 at 164.34. For now, outlook will remain bullish as long as 155.01 support holds, even in case of deep pullback.
ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for two decades. We started providing only a daily and a mid-day report, now known as Action Insights. Gradually, we added a lot more in-house contents to the site. Technical Outlook section was expanded to cover more pairs. In addition to that, Top Movers, Heat Map, Pivot Point Charts and Pivot Meters, Action Bias and Volatility Charts, are tools used by traders from all over the world.
AUD/USD is attempting to register a fourth consecutive weekly advance after rebounding more than 2% from the June lows, bringing the pair back into a major technical inflection zone. The recovery is now testing the upper bounds of a multi-month downtrend, where multiple resistance levels converge.
Gold prices remain under pressure from elevated US bond yields, but Goldman Sachs believes robust central bank demand should prevent any sustained sell-off, providing a solid floor for the precious metal despite near-term headwinds.
The Gold price in US Dollars (XAU/USD) traded around $4,300 on Tuesday after retreating from recent highs, as stronger US economic data and higher Treasury yields weighed on investor demand.
Despite the recent pullback, Goldman Sachs remains constructive on the longer-term outlook, arguing that official sector buying continues to underpin the market.
Image: Gold price in US Dollars - 7 day chart Goldman Sachs notes that central banks purchased another 31 tonnes of gold in May, well above the long-run monthly average and consistent with the steady accumulation seen over the past three years.
"Strong central bank buying in May provides a price floor."
The bank believes official-sector demand has fundamentally changed the gold market by reducing the likelihood of deep and prolonged corrections.
"We continue to expect structurally strong central bank demand."
Goldman Sachs acknowledges that higher real interest rates could continue to generate temporary selling pressure, particularly through exchange-traded funds and speculative positioning.
"Rates pressure is likely to be temporary."
The bank argues that while higher yields have historically weighed on gold, central bank buying is now providing an increasingly important offset.
"Official sector purchases should cushion downside risks."
Image: XAU/USD 1 year chart Near-Term Gold Price Forecast: Goldman Sachs Still Sees Longer-Term Upside Goldman Sachs expects near-term volatility to persist while markets assess the outlook for US interest rates.
However, the bank believes any weakness driven by higher yields should prove temporary because central bank demand remains exceptionally strong.
"We expect continued robust official-sector buying to underpin prices."
For gold investors, Goldman Sachs argues that the current environment differs markedly from previous periods of rising yields, with central bank diversification creating a durable source of demand that should continue to support gold over the medium term.
Gold rose around 1.5% on Tuesday as fresh signals of diplomatic action to de-escalate US-Iran war cooled inflation risks and expected to ease pressure on the US central bank.
Quick change in sentiment made the yellow metal more attractive to investors, with the latest bounce from very significant $4000 support zone (contained several attacks in past one month) has so far retraced 50% of $4203/$3960 bear-leg and eased immediate downside risk.
Improving technical picture (price broke above 10 and 20 DMAs ($4050 and $4062 respectively and 14-d momentum rises into positive territory) supports the action, although recent gains are still insufficient to generate signal of direction change.
The price may extend gains if favorable fundamentals persist, with break through $4110 (Fibo 61.8%) and $4145 (Fibo 76.4%) to further strengthen near-term structure and expose upper breakpoint at $4203 (recovery top / near-term range ceiling) violation of which to generate initial reversal signal.
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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Orbex Group Limited is the holding company of Orbex Global Limited, Orbex Limited is an affiliate with Orbex Global Limited. Orbex Global Limited is authorized and regulated by Mauritius Financial Services Commission “FSC” (View License). Orbex.com is owned by Orbex Group Limited and is operated by Orbex Global Limited with registered address: Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebène, Republic of Mauritius
Risk Warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Orbex Global does not offer its services to residents of certain jurisdictions such as Mauritius, USA, and North Korea.
Orbex Group Limited is the holding company of Orbex Global Limited, Orbex Limited is an affiliate with Orbex Global Limited. Orbex Global Limited is authorized and regulated by Mauritius Financial Services Commission “FSC” (View License). Orbex.com is owned by Orbex Group Limited and is operated by Orbex Global Limited with registered address: Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebène, Republic of Mauritius
Risk Warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Orbex Global does not offer its services to residents of certain jurisdictions such as Mauritius, USA, and North Korea.
Orbex Group Limited is the holding company of Orbex Global Limited, Orbex Limited is an affiliate with Orbex Global Limited. Orbex Global Limited is authorized and regulated by Mauritius Financial Services Commission “FSC” (View License). Orbex.com is owned by Orbex Group Limited and is operated by Orbex Global Limited with registered address: Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebène, Republic of Mauritius
Risk Warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Orbex Global does not offer its services to residents of certain jurisdictions such as Mauritius, USA, and North Korea.
Gold (XAU/USD) edges higher on Tuesday as buying interest around the $4,000 psychological level supports prices, while traders assess developments in the Middle East and their potential economic fallout. At the time of writing, XAU/USD trades around $4,058, up 1.27% on the day.
The United States military carried out a tenth consecutive night of strikes against Iran, while Iran’s Revolutionary Guards targeted US military assets across the region.
Despite the continued military exchanges, diplomatic efforts are underway. The Associated Press reported that Iranian officials began meeting with mediators in Pakistan on Tuesday. Reuters reported on Monday that mediators had offered Tehran a 10-day ceasefire to try to bring last month’s interim agreement back on track.
With the situation still in flux, the US Dollar (USD) remains the preferred safe-haven asset, while Oil prices hold close to their highest level in more than a month. The US Dollar Index (DXY), which tracks the Greenback's value against a basket of six major currencies, is hovering just below the 101.00 mark, little changed on the day.
Although Gold is attempting to establish a base above the $4,000 psychological level, its upside remains limited as elevated energy prices stoke inflation concerns and strengthen expectations that the Federal Reserve (Fed) will keep monetary policy tighter for longer or even raise interest rates.
Higher borrowing costs reduce Gold's appeal, prompting investors to rotate toward interest-bearing assets such as government bonds.
Dollar support builds as Gulf tensions weigh on goldAnalysts at ING note that “the FX market is gradually catching up with developments in the Gulf, where tensions still appear to be escalating, and the Dollar has found broad-based support.” They highlight that US President Donald Trump has “pledged retaliation against Iran following the killing of three US service members in Jordan,” while Houthi militants are “threatening a blockade of Saudi Arabia in the Red Sea,” reinforcing the bid for the Dollar as geopolitical risks intensify.
Strategists at OCBC say Gold has "continued to consolidate around recent lows following the sharp pullback earlier this month," adding that "near term, price action may remain two-way, but a more sustained recovery likely requires oil prices to back off, some easing in real yields and Fed tightening expectations. Until then, upside may remain capped."
XAU/USD is testing the 20-day Simple Moving Average (SMA) at $4,062. The Relative Strength Index (RSI) at 45 on the daily chart is below the neutral 50 level, indicating weak bullish momentum. Meanwhile, the Average Directional Index (ADX) near 39 suggests the prevailing trend remains strong despite the near-term stabilization.
On the downside, immediate support lies at the $4,000 psychological level, followed by the lower Bollinger Band at $3,948. A break below this area could expose the horizontal support at $3,800.
On the topside, a sustained move above the Bollinger midline at $4,062 could open the door toward the upper band at $4,175, followed by the $4,200 resistance level. A decisive break above $4,200 would bring the more distant $4,500 barrier into focus.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
The US Dollar to Yen exchange rate is trading around 162.66, close to July’s high of 162.84 and its strongest levels in decades.
The pair has gained from around 159.36 at the start of June, although it remains narrowly lower for July after briefly falling to 160.65 earlier this month.
ING believes USD/JPY could break above the 162.75-162.85 resistance area over the coming sessions as higher energy prices support the Dollar and increase pressure on Japan’s trade position.
Deteriorating news from the Gulf has pushed oil, natural gas and refined-product prices higher, reinforcing inflation concerns and reducing investors’ willingness to sell existing Dollar positions.
ING said it was “slightly surprising not to see the dollar a little stronger”, particularly as higher energy prices mean the Federal Reserve must remain alert to renewed inflation pressure.
Japan is particularly exposed to rising energy costs because it relies heavily on imported oil and gas. That backdrop can weaken the Yen while supporting currencies of energy exporters, including the US Dollar.
The bank also noted that Japanese authorities did not intervene during Monday’s Marine Day holiday, leaving traders free to test the upper end of the recent USD/JPY range.
According to ING, “it would not be a surprise to see USD/JPY briefly break above 162.75/85 over coming sessions” if the Bank of Japan remains absent from the market.
ING expects the broader Dollar index to find support near 100.50 and potentially recover towards 101.30, with persistent Gulf tensions and elevated energy prices limiting the scope for near-term Dollar weakness.
The Euro to Dollar exchange rate is trading around 1.1426, little changed during July after falling 2.0% in June. The pair reached a 2026 high above 1.2075 in January before retreating, while June’s low near 1.1325 marked its weakest level since July 2025.
Image: Euro-to-Dollar exchange rate - 24 hour chart Bank of America remains short EUR/USD, arguing that the Dollar’s resilience despite narrowing short-term interest-rate spreads is encouraging for USD bulls.
US two-year rate differentials against the DXY currency basket narrowed by around 13 basis points following softer inflation data and increased expectations of rate rises elsewhere. However, the resulting Dollar decline was comparatively modest.
BofA believes medium-term growth prospects and five-year real yields currently provide a better guide to currency performance than front-end spreads. US real-rate differentials remain elevated, while the American economy continues to show greater resilience than many of its peers.
The bank said bullish Dollar positioning is “far from historical extremes”, suggesting investors still have room to increase USD exposure despite the shift in sentiment since the June Federal Reserve meeting.
BofA economists continue to forecast three Federal Reserve rate increases during the second half of 2026, compared with substantially less tightening currently priced by markets.
The bank therefore retains its three-month EUR/USD put spread targeting the 1.15-1.13 area, citing diverging US and Eurozone data, energy-price risks and supportive technical signals.
BofA forecasts EUR/USD at 1.12 at the end of the third quarter, before a recovery to 1.15 at year-end and 1.20 by the end of 2027. It remains cautious on the Euro through the summer but retains a more constructive medium-term view as US and Eurozone growth begin to converge.
The Pound has slipped from last week's highs after UK wage growth softened, while the Euro faces Thursday's European Central Bank decision and renewed concern over the impact of higher energy prices. The Pound-to-Euro exchange rate edged lower on Tuesday as investors assessed a cooling UK labour market and the new government's first.
GBP/USD remains weaker for the fourth consecutive day, trading around 1.3430 during the European hours on Tuesday. The technical analysis of the daily chart indicates a prevailing bullish bias as the pair remains within the ascending channel.
The GBP/USD pair is holding a constructive bullish bias as spot remains above both the nine-day and 50-day Exponential Moving Averages (EMAs). The alignment of shorter and longer EMAs below price suggests an underpinning uptrend, while the 14-day Relative Strength Index (RSI) at roughly 55 points to steady, rather than overstretched, positive momentum. Read more...
GBP/USD falls after cabinet changesGBP/USD fell to 1.3437 on Tuesday as investors assessed the appointment of Andy Burnham as the new Prime Minister of the UK and the outlook for monetary policy.
Burnham succeeded Keir Starmer without a contest, becoming the country's seventh prime minister in the past decade and the second since the Labour Party returned to power in 2024. Read more...
British Pound attracts bids after UK employment data releaseThe British Pound (GBP) snaps a three-day losing streak against the Japanese Yen (JPY), rebounding to near 218.55 during the European trading session on Tuesday. The cross attracts bids after the release of the United Kingdom (UK) labor market data for the three months ending May.
The Office for National Statistics (ONS) has reported that the economy created 147K fresh jobs, higher than the previous reading of 100K. The ILO Unemployment Rate remained steady at 4.9%, while it was expected to arrive higher at 5%. Read more...
Gold price (XAU/USD) is up 1.5% to near $4,067 during the European trading session on Tuesday. The precious metal outperforms as the rally in oil prices has stalled, with investors turning confident that negotiations between the United States (US) and Iran towards peace have resumed.
In European trade, the WTI Oil price turns positive to near $82.65 after recovering early losses, but corrected sharply after registering a fresh monthly high at $84.42.
Lower oil prices ease inflation expectations and fears of interest rate hikes from central banks, a scenario that bodes well for non-yielding assets, such as Gold.
Meanwhile, a slight correction in the US Dollar due to risk-on market sentiment is also supporting the Gold price. At press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades 0.1% lower to near 100.90.
Technically, a lower US Dollar makes the Gold price a favorable risk-reward bet for investors.
On the US interest rate front, the Federal Reserve (Fed) is almost certain to leave interest rates unchanged in the policy meeting next week.
Gold technical analysis
XAU/USD trades higher at around $4,069.52, closer to the 20-day Exponential Moving Average (EMA), which is at $4,089.31. The precious metal attempts a breakout of the Descending Triangle formation after remaining sideways for almost a month.
Momentum remains subdued with the 14-period Relative Strength Index (RSI) hovering around 45 and signaling a lack of bullish conviction.
On the downside, immediate support is seen around the recent break-price area near $4,043, before the rising trend-line floor at $3,941.63. On the topside, the 20-period EMA at $4,089.31 is the first meaningful barrier that gold must reclaim to ease near-term downside pressure and open the way for a more constructive recovery towards the July 6 high around $4,200.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
– Platinum reversed from key support level 1555.00
– Likely to rise to resistance level 1680.00
Platinum recently reversed up from the key support level 1555.00 (which stopped the previous waves iii and 5) intersecting with the lower daily Bollinger Band.
The upward reversal from the support level 1555.00 started the active minor impulse wave iii – that belongs to higher impulse waves 1 and (1).
Given the strength of the support level 1555.00 and the bullish divergence on the daily Stochastic, Platinum can be expected to rise to the next resistance level 1680.00.
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Market outlook: Gold, crypto and US indices test important breakout levels At the time of this market review, precious metals and major cryptocurrencies were producing some of the clearest bullish signals. US stock indices were also recovering, although several important resistance levels still stood between a rebound and a more convincing bullish continuation.
Can the US stock index recovery continue?S&P 500 futures recovered from support and turned higher. A sustained move above the previous high near 7,550 could open a path toward 7,600. Another rejection from 7,550, however, would leave the recovery vulnerable.
The Dow Jones also recovered after briefly trading below support. For the Dow Jones cash index, 52,150 is the main bullish confirmation level. Acceptance above it would suggest that buyers are regaining control.
Educational insight: A market touching resistance is not the same as breaking it. Acceptance generally means price remains above the level for a meaningful period and successfully defends it during a pullback.
Are gold and silver still bullish?Gold has broken above an important resistance structure extending from its April high. The 4,040-4,045 area could now act as support if price returns to test it.
Holding above that zone would preserve the bullish structure. Sustained trade back below it would warn that the breakout may have failed, particularly if buyers cannot quickly reclaim the area.
Silver also defended major longer-term support before turning higher.
Two additional metals are approaching important confirmation levels:
Platinum: A sustained move above approximately $1,710 would strengthen the case for a larger advance. Palladium: Buyers need to clear approximately $1,375 before the broader outlook becomes more convincingly bullish. A useful concept here is the support-resistance flip. When price breaks above resistance, traders often watch whether the same area becomes support during the next pullback. If it does, the breakout gains credibility. If it does not, the move may have been a temporary overshoot.
What levels matter for Bitcoin and Ethereum?Ethereum has cleared an important longer-term resistance area, placing approximately $2,150 on the map as the next potential upside objective.
Bitcoin also looks constructive after defending major support near $57,000. With price recently around $65,500, the $64,000 area becomes an important short-term reference:
Holding above $64,000 supports bullish continuation. Sustained trade below $64,000 would weaken the breakout. A failed breakdown followed by a quick recovery above $64,000 could show that buyers are still active. Can crude oil break through resistance?Crude oil has recovered toward possible resistance near $90, while Brent crude faces a comparable test around $95.
Acceptance above these areas would improve the bullish outlook. Rejection, especially after only a brief move through resistance, could lead to another pullback.
Round numbers such as $90 and $95 often attract additional activity because traders use them for entries, exits and option positioning. That does not make them automatic turning points, but it can increase volatility around the initial test.
Why does cocoa remain vulnerable?Cocoa is one of the clearer bearish exceptions in this market review. Price rejected overhead resistance and could revisit the $5,000 area. A temporary move below that level is also possible if selling pressure accelerates.
The important distinction is whether cocoa merely touches $5,000 or begins spending time below it. A quick recovery could indicate that sellers failed to establish control, while sustained trade underneath would reinforce the bearish case.
These levels may refer to different instruments, including futures, cash indices and spot markets. Prices can vary between platforms, contracts and CFDs, so readers should confirm the corresponding levels on the instrument they trade. This analysis is educational and does not constitute a recommendation to buy or sell.
Societe Generale strategists note that dip buying in Sterling has kept GBP/USD trading above its 200-day moving average near 1.3403, even as Gilts remain under pressure. The pair trades within a 1.3400–1.3500 range, with investors assessing the appointment of new Chancellor John Healey and upcoming UK CPI data, which they expect to show a modest easing in headline and services inflation.
Sterling supported as investors eye CPI"Dip buying in sterling keeps GBP/USD above the 200dma (1.3403) and halts the rebound in EUR/GBP. UK CPI for June will be published tomorrow. SG economics forecast a dip in headline to 2.7% yoy from 2.8%, below the BoE estimate, and in services to 3.6% from 3.7% but no change in core at 2.6%."
"Wage data was not a market mover for the BoE but the small decrease in private sector pay to 2.9% yoy is welcome and minor relief in the broader debate about inflation and threat of second round effects. The premium of Gilts over Bunds trades close to the highs of the Truss debacle in September 2022 at 140bp."
"Notwithstanding the decline in public borrowing by £4bn between May and June thanks to the fall in debt interest payments, the deficit is running £2.7bn ahead of the OBR forecast for the April to June period because of the overshoot in spending by £3.6bn. Receipts are up 7.2% yoy."
"Though the spread has come from just over 170bp at the end of 2024, there should be scope for further tightening if the new chancellor can navigate public finances to safer waters in the autumn budget. The structurally higher level of inflation in the UK compared to the eurozone is the second if not the most important part of the bond jigsaw. Political stability, a rare commodity since the EU referendum in 2016, could tempt investors to turn more bullish on Gilts provided inflation and levels of government spending can be brought under control. "
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Silver prices (XAG/USD) rose on Tuesday, according to FXStreet data. Silver trades at $58.96 per troy ounce, up 4.54% from the $56.40 it cost on Monday.
Silver prices have decreased by 17.05% since the beginning of the year.
The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, stood at 68.92 on Tuesday, down from 71.06 on Monday.
Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Silver (XAG/USD) is rallying, favoured by a mild US Dollar weakness on Tuesday. The precious metal is testing one-week highs at the $59.70 area at the time of writing as investors hope that mediators’ efforts to achieve a new ceasefire between the US and Iran are offsetting fears that the conflict might escalate out of control.
US attacked Iran for the 1th day in a row, and Iran responded by targeting US assets in Gulf Countries. The key Strait of Hormuz remains closed, and the Iran-backed Houthis have announced the closure of the Bab el-Mandeb Strait to Saudi Arabian vessels, which might further strangle Oil supply.
Markets, however, are keeping the faith that efforts to cease hostilities will succeed, which explains the mild reversal on the US Dollar Index (DXY). Axios reported earlier on Tuesday that the Trump administration is exploring the peace proposal and that it has urged Israel to avoid steps that might close the diplomatic window.
Technical Analysis: Bulls breached the descending trendline
XAG/USD trades at $58.97, after breaking the descending trendline resistance from late May, early June highs, with momentum indicators supporting the bullish view. The 4-Hour Relative Strength Index (14) is getting close but not yet at overbought levels, while the Moving Average Convergence Divergence (MACD) indicator extends gains in positive territory, hinting that buyers remain in control while price presses into nearby overhead levels.
Bulls seem to have met some resistance in the middle range of the $59.00s, which capped rallies on July 14 and 15. Further up, a support-turned-resistance at $63.10 and a similar area just ahead of the $67.00 level are the next targets.
On the downside, the broken trendline, now at $56.45, and the year-to-date low, a few cents below $55.00, are likely to challenge bears. If these levels are broken, sellers might feel attracted by the late October 2025 low, at $48.64.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
United Overseas Bank’s (UOB) Quek Ser Leang judges GBP/USD price action as range-bound after an unexpected intraday spike and sharp drop. The pair is now expected to hold between 1.3400 and 1.3460 in the short term, with a broader 1.3385–1.3495 range for the coming weeks. Momentum indicators are flat, suggesting neutral direction with wider supports at 1.3210 and 1.3160.
Sterling-Dollar momentum fades into consolidation"24-HOUR VIEW: Yesterday, we highlighted that GBP “is likely to trade in a range between 1.3420 and 1.3475.” The subsequent price movements did not turn out as expected. GBP rose to 1.3481 before declining sharply to a low of 1.3414. The decline could extend further, but given the lack of any significant increase in downward momentum, GBP is likely to remain within a 1.3400/1.3460 range."
"1-3 WEEKS VIEW: Our update from yesterday (20 Jul, spot at 1.3445) remains valid. As highlighted, the recent “build-up in upward momentum has faded,” and GBP “has likely entered a range-trading phase between 1.3385 and 1.3495.”."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
GBP/USD remains weaker for the fourth consecutive day, trading around 1.3430 during the European hours on Tuesday. The technical analysis of the daily chart indicates a prevailing bullish bias as the pair remains within the ascending channel.
The GBP/USD pair is holding a constructive bullish bias as spot remains above both the nine-day and 50-day Exponential Moving Averages (EMAs). The alignment of shorter and longer EMAs below price suggests an underpinning uptrend, while the 14-day Relative Strength Index (RSI) at roughly 55 points to steady, rather than overstretched, positive momentum.
The GBP/USD pair may rise toward the upper boundary of the ascending channel around 1.3630, followed by the five-month high of 1.3658, reached on May 1. A break above this level would expose 1.3869, the highest level since September 2021, reached on January 27.
On the downside, the GBP/USD pair is testing the immediate support at the nine-day EMA of 1.3426, aligned with the lower boundary of the ascending channel. Further support lies at the 50-day EMA at 1.3386. A successful break below the medium-term average would expose nearly an eight-month low of 1.3140, recorded on June 24.
GBP/USD: Daily Chart(The technical analysis of this story was written with the help of an AI tool. Know more.)
Pound Sterling Price Today The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the weakest against the New Zealand Dollar.
USDEURGBPJPYCADAUDNZDCHFUSD-0.08%0.02%0.11%-0.04%-0.35%-0.36%-0.02%EUR0.08%0.10%0.17%0.04%-0.25%-0.28%0.06%GBP-0.02%-0.10%0.07%-0.06%-0.35%-0.38%-0.04%JPY-0.11%-0.17%-0.07%-0.15%-0.44%-0.48%-0.13%CAD0.04%-0.04%0.06%0.15%-0.30%-0.32%0.02%AUD0.35%0.25%0.35%0.44%0.30%-0.03%0.31%NZD0.36%0.28%0.38%0.48%0.32%0.03%0.34%CHF0.02%-0.06%0.04%0.13%-0.02%-0.31%-0.34% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
Sterling enters this week on firmer footing, with political uncertainty fading fast after Andy Burnham's confirmation as Labour leader eased investor concerns over the succession to Keir Starmer. Markets reacted further to reports pointing to Shabana Mahmood as the frontrunner for Chancellor, viewed as the more fiscally disciplined choice.
AUD/USD has broken to its highest level in four weeks, but the rally still lacks a convincing domestic foundation. The Australian Dollar has benefited from a favorable global backdrop as risk appetite improved across Asia, the Dollar weakened broadly, and copper prices surged on worsening supply disruptions in Chile. Additional support came from New Zealand, where stronger-than-expected inflation data lifted the Kiwi and added momentum to antipodean currencies more generally.
Those tailwinds, however, are largely external. Whether the Aussie can extend its gains will depend far more on Australia’s labor market report due on Thursday. Employment has shown little net progress over the past two months, following a -40.7k decline in April and a 40.3k rebound in May, raising questions about whether tighter monetary policy, higher energy prices and geopolitical uncertainty are beginning to cool hiring. Consensus forecasts call for employment to rise by 15k in June while the unemployment rate is expected to remain at 4.4%.
The labor market data could also prove decisive for interest rate expectations. Investors currently see only about a one-in-five chance that the Reserve Bank of Australia will deliver a fourth rate hike this year in August. That leaves employment data with considerable scope to shift market pricing.
A disappointing report would strengthen the case that policy tightening is gaining traction and further reduce expectations for an August increase. On the other hand, another solid employment gain would reinforce the resilience of the economy and reopen the debate over additional tightening.
Technically, AUD/USD’s breach of 0.7020 temporary top suggests that rebound from 0.6864 is resuming. Firm break of 38.2% retracement of 0.7277 to 0.6864 at 0.7022 will argue that whole decline form 0.7277 has already completed, and pave the way to 61.8% retracement at 0.7119 and possibly above.
However, rejection by 0.7022, followed by break of 0.6964 support will argue that the rebound has completed as a correction. And in this case, fall from 0.7277 could be ready to resume through 0.6864 low.
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USD/JPY traded near 162.50 as investors waited for clarity on the US-Iran conflict and its impact on global markets. The Japanese yen remained under pressure ahead of Friday's Japan inflation report, which could shape expectations for the Bank of Japan's next policy move. The US dollar stayed supported as markets weighed the possibility of further Federal Reserve tightening and continued geopolitical uncertainty. The USD/JPY exchange rate traded little changed around 162.50 on Tuesday as investors refrained from taking large positions ahead of key economic data from Japan and fresh developments in the conflict between the United States and Iran.
The pair continues to hover close to its highest level in decades, reflecting the wide interest-rate gap between the United States and Japan. While expectations for further Bank of Japan policy normalisation have offered intermittent support to the yen this year, demand for the US dollar has remained resilient as geopolitical risks and higher Treasury yields continue to favour the greenback.
Markets are now waiting for Japan’s June inflation report and signs of whether Washington and Tehran move toward a ceasefire or a further escalation in hostilities.
Why Is USD/JPY Holding Above 162? The biggest factor supporting USD/JPY remains the divergence between US and Japanese monetary policy.
Although the Bank of Japan has started moving away from ultra-loose monetary settings, Japanese interest rates remain significantly lower than those in the United States. That continues to encourage investors to favour dollar-denominated assets over the yen.
The dollar has also benefited from renewed geopolitical uncertainty after reports suggested President Donald Trump is weighing two possible paths: accepting a proposed 10-day ceasefire with Iran or supporting a broader military campaign alongside Israel.
The uncertainty has increased demand for the US dollar, helping keep USD/JPY close to multi-decade highs.
Will Japan’s Inflation Data Move the Yen? Attention is now turning to Friday’s Japan National Consumer Price Index (CPI) report, one of the most closely watched releases for yen traders this week. Economists expect core inflation, which excludes fresh food, to rise 1.6% year-on-year, up from 1.4% previously. A stronger-than-expected reading would reinforce expectations that the Bank of Japan could continue gradually tightening monetary policy after years of ultra-low interest rates.
Conversely, weaker inflation would reduce pressure on policymakers to raise rates further and could keep the yen under pressure against the US dollar. For currency markets, the inflation report is likely to become the biggest domestic catalyst for USD/JPY before the Bank of Japan’s next policy meeting.
How Is the US-Iran Conflict Affecting USD/JPY? Geopolitical developments remain another major driver of the currency pair. According to reports, Iran has received a proposal for a 10-day ceasefire, while the United States is considering whether to resume diplomatic negotiations or intensify military operations.
The uncertainty has lifted demand for safe-haven assets, although this time the US dollar has attracted stronger inflows than the Japanese yen. Higher oil prices resulting from the conflict have also revived concerns that inflation could remain elevated globally, supporting expectations that the Federal Reserve may keep interest rates higher for longer.
That combination has continued to underpin the dollar against most major currencies, including the yen.
US PMI Data Could Set the Next Direction for USD/JPY Beyond geopolitical developments, investors will also focus on Thursday’s S&P Global PMI reports from the United States. The manufacturing and services surveys will provide another snapshot of economic activity and could influence expectations for future Federal Reserve policy.
Stronger-than-expected business activity would reinforce confidence in the US economy and support Treasury yields, potentially lifting USD/JPY further. On the other hand, weaker PMI readings could revive speculation that the Fed may begin easing policy sooner than expected, limiting further gains in the pair.
USD/JPY Outlook The near-term USD/JPY outlook will depend on whether Japan’s inflation data strengthens expectations for another Bank of Japan policy adjustment and whether geopolitical tensions in the Middle East begin to ease.
For now, the combination of higher US interest rates, resilient dollar demand and uncertainty surrounding the US-Iran conflict continues to favour the greenback. Unless Japan’s CPI significantly surprises to the upside or global risk sentiment improves, USD/JPY is likely to remain supported near multi-decade highs.
Why is USD/JPY trading near a multi-decade high?
USD/JPY remains near a multi-decade high because US interest rates are significantly higher than Japan’s, encouraging investors to favour the US dollar over the Japanese yen.
How will Japan’s CPI affect USD/JPY?
Japan’s inflation report could influence expectations for future Bank of Japan interest rate decisions. Higher inflation may strengthen the yen if investors expect additional policy tightening, while weaker inflation could keep USD/JPY elevated.
Why does the US-Iran conflict affect USD/JPY?
The conflict has increased demand for safe-haven assets and pushed oil prices higher, reinforcing expectations that US interest rates could remain elevated. Those factors have supported the US dollar and helped keep USD/JPY near its recent highs.
GBP/USD fell to 1.3437 on Tuesday as investors assessed the appointment of Andy Burnham as the new Prime Minister of the UK and the outlook for monetary policy.
Burnham succeeded Keir Starmer without a contest, becoming the country’s seventh prime minister in the past decade and the second since the Labour Party returned to power in 2024.
The new head of government reaffirmed his commitment to current fiscal rules but indicated he would consider raising the tax-free personal allowance, which has remained frozen in recent years.
Attention is now turning to the appointment of the Chancellor of the Exchequer. According to media reports, Shabana Mahmood is considered the leading candidate.
Additional pressure on the pound is coming from elevated oil prices, which are increasing inflationary risks and reinforcing expectations that the Bank of England will keep interest rates higher for longer.
Technical Analysis
On the H4 GBP/USD chart, the market is moving lower towards 1.3380. A wide consolidation range is forming around the 1.3468 level. An upside breakout from this range would open the way for a move towards 1.3520, while a downside breakout would suggest a decline towards 1.3380, with scope for the trend to extend to 1.3222. The MACD indicator supports this scenario, with its signal line above zero and pointing firmly downwards, reflecting continued bearish momentum.
On the H1 chart, the market has formed a compact consolidation range around the 1.3468 level, currently extending down to 1.3414. A move higher towards 1.3455 is expected, followed by a decline to 1.3380. The Stochastic oscillator confirms this scenario, with its signal line below 80 and pointing downwards towards 20, indicating increasing short-term downside pressure.
Conclusion Sterling has retreated as markets digest the transition of power to Prime Minister Andy Burnham, who has reaffirmed fiscal discipline while signalling a possible increase in the tax-free allowance. Investors are now focused on the appointment of the new Chancellor, with Shabana Mahmood reportedly the frontrunner. Meanwhile, elevated oil prices continue to stoke inflation risks, reinforcing expectations that the Bank of England will maintain higher interest rates for longer. Technically, the pound appears poised for further downside towards 1.3380, with the broader outlook dependent on upcoming fiscal announcements and the trajectory of global energy prices.
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The Pound to US Dollar (GBP/USD) exchange rate traded in a narrow range on Monday as markets reacted cautiously to Andy Burnham's first speech as UK Prime Minister.
At the time of writing, GBP/USD was trading at $1.3449, little changed on the day.
Latest — Exchange Rates:
Pound to Dollar (GBP/USD): 1.342145 (-0.24%)
Euro to Dollar (EUR/USD): 1.141269 (-0.22%)
Dollar to Yen (USD/JPY): 162.49831 (+0.06%)
DAILY RECAP:
The Pound (GBP) lacked a clear catalyst on Monday, amid a muted reaction to Andy Burnham’s first speech as Prime Minister.
The PM’s address was big on vision but light on policy detail, with Burnham saying he would announce some cost-of-living measures – and how to fund them – on Tuesday.
As a result, the speech left GBP investors with little to go on, leading to subdued movement in the Pound.
Meanwhile, UK economic data was thin on the ground, which also limited Sterling.
The US Dollar (USD) also traded in a relatively narrow range on Monday, with USD initially dipping as markets opened before recouping its losses as the session went on.
Escalating tensions in the Middle East helped the US Dollar find its footing after the initial downside, although markets remained surprisingly resilient.
Although the crisis is intensifying, with the US and Iran continuing to launch attacks at one another, there are still hopes that the peace process can get back on track.
A spokesman for the Iranian foreign ministry said on Monday that diplomatic exchanges between Washington and Tehran are ongoing.
Near-Term GBP/USD Forecast: UK Jobs Report in Focus Looking forward, Tuesday kicks off with the UK's latest jobs report.
Markets expect unemployment to have ticked up in the three months to May, rising from 4.9% to 5.0%. However, a forecast increase in employment may help limit Sterling's downside.
GBP investors will also be watching wage growth, with stronger earnings potentially providing additional support for the Pound.
As for the US Dollar, market risk appetite is likely to remain the main driver. If tensions in the Middle East continue to intensify, a more risk-averse mood could support demand for the safe-haven currency.
Silver continues to balance between its dual role as an industrial metal and so-called refuge asset, and this combination largely explains the lack of a clear trend in recent weeks. Shifting expectations for central bank interest rates can influence the appeal of a non-yielding asset such as silver, while the structural supply deficit remains supported by growing investment demand, offsetting more subdued industrial consumption. These opposing forces help explain why silver prices continue to trade within a broad range, with the market still lacking a decisive catalyst for a sustained directional move.
XAG/USD: Technical Picture
On the four-hour chart, silver (XAG/USD) is trading within a structure resembling a triangle. The descending trendline connects the swing highs formed after the peak near $63.000, while the ascending trendline links the series of higher lows from the $56 area. Their convergence coincides with the current high-volume area of the market profile.
Following an attempted breakout, the price is now testing the lower boundary of the profile at $56.643 from below. If this level continues to act as resistance, the next notable support could be found near $54.846.
Should the price move back into the range, the Point of Control (POC) at $58.357 and the upper boundary of the profile at $59.895 could become the primary upside reference levels, followed by the red resistance level at $60.686.
At the same time, vertical volume has not shown the decline in trading activity that is typically associated with a triangle pattern as the range narrows. The RSI + MAs indicator currently shows readings of 45, 40, and 42. The moving averages remain red, are pointing higher, and are positioned just below the neutral zone, while the RSI line itself has yet to break out of that neutral range.
Summary The attempted breakout from the triangle has so far failed to gain momentum, with the price returning to the market profile boundary. Meanwhile, the RSI + MAs indicator does not yet confirm either a bullish or bearish scenario. The Federal Reserve meeting on 28–29 July could become the next major catalyst, potentially determining the market’s next directional move.
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The Australian Dollar (AUD) outperforms its major currency peers, trading 0.28% higher to near 0.7018 against the US Dollar (USD) during the European trading session on Tuesday. The antipodean gains as the market sentiment turns risk-on amid hopes that the United States (US) and Iran could stop exchanging attacks soon.
Australian Dollar Price Today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the Japanese Yen.
USDEURGBPJPYCADAUDNZDCHFUSD-0.07%-0.13%0.05%-0.06%-0.30%-0.37%-0.05%EUR0.07%-0.05%0.09%0.01%-0.20%-0.31%0.02%GBP0.13%0.05%0.17%0.07%-0.15%-0.24%0.08%JPY-0.05%-0.09%-0.17%-0.10%-0.32%-0.43%-0.09%CAD0.06%-0.01%-0.07%0.10%-0.23%-0.31%0.00%AUD0.30%0.20%0.15%0.32%0.23%-0.09%0.26%NZD0.37%0.31%0.24%0.43%0.31%0.09%0.32%CHF0.05%-0.02%-0.08%0.09%-0.01%-0.26%-0.32% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
In the European trade, S&P 500 futures are 0.45% higher to near 7,477, reflecting an upbeat market mood. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.11% lower to near 100.89, signifying diminishing appeal of safe-haven assets.
On Monday, Iran confirmed receiving a proposal from mediators stating a 10-day cessation of strikes to find ways to revive the interim deal.
On the domestic front, investors await the employment data for June, which will be released on Thursday. Australian labor market report is expected to show that the economy created 15K fresh jobs, lower than 40.3K in May. The Unemployment Rate is seen remaining steady at 4.4%.
This week, investors will also focus on the preliminary Australia and the US private sector Purchasing Managers’ Index (PMI) data for July, which will be released on Friday.
AUD/USD technical analysis
AUD/USD trades higher at around 0.7016, maintaining a constructive near-term tone as spot remains above the 20-day exponential moving average (EMA) at 0.6975, hinting at emerging underlying demand after the recent recovery. Momentum is supportive, with the Relative Strength Index (14) advancing to 55.8, suggesting bullish pressure is building without yet reaching overbought territory.
On the downside, immediate support is seen at the 20-day EMA at 0.6975, followed by the June 30 low at 0.6865. Looking up, the pair could extend its recovery towards 0.7100.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Economic Indicator Employment Change s.a. The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. The statistic is adjusted to remove the influence of seasonal trends. Generally speaking, a rise in Employment Change has positive implications for consumer spending, stimulates economic growth, and is bullish for the Australian Dollar (AUD). A low reading, on the other hand, is seen as bearish.
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The Pound to Canadian Dollar (GBP/CAD) exchange rate edged slightly higher on Monday as softer Canadian inflation weighed on the 'Loonie', although gains for Sterling were capped as investors awaited more policy detail from Prime Minister Andy Burnham.
At the time of writing, GBP/CAD was trading at CA$1.8875, up around 0.1% on the day.
Latest — Exchange Rates:
Pound to Canadian Dollar (GBP/CAD): 1.886772 (+0.02%)
Euro to Canadian Dollar (EUR/CAD): 1.604233 (+0.04%)
Dollar to Canadian Dollar (USD/CAD): 1.40557 (+0.25%)
DAILY RECAP:
The Pound (GBP) struggled to find momentum on Monday as markets reacted cautiously to Andy Burnham’s first address after taking office as Prime Minister.
Although Burnham outlined the government’s wider priorities, he offered few specific policy details. He said further announcements on measures to address the cost of living, including how these plans would be financed, would follow on Tuesday.
With investors left waiting for more tangible information, Sterling remained largely rangebound during the session.
A lack of significant UK economic data also meant the Pound had little in the way of domestic catalysts to drive movement.
Meanwhile, the Canadian Dollar (CAD) showed some resilience despite softer-than-forecast inflation figures and falling oil prices.
Canada’s latest consumer price index showed headline inflation cooling from 3.2% in May to 2.8% in June, while core inflation unexpectedly eased from 2.2% to 2.1%.
This put some pressure on the Canadian Dollar, although CAD avoided steeper losses.
A slight decline in oil prices also failed to notably dent the currency, with the crude-linked ‘Loonie’ appearing to draw some support from the fact that oil prices remain elevated following their recent rally.
Near-Term GBP/CAD Forecast: UK Jobs Data in the Spotlight Looking forward, attention shifts to the UK's latest employment data on Tuesday.
Forecasts suggest unemployment may have risen slightly from 4.9% to 5.0% in the three months to May. However, a predicted rise in employment could help limit downside pressure on the Pound.
Sterling markets will also be focused on the latest wage growth figures. Continued strength in earnings could provide support for the Pound and help it weather any weaker labour market signals.
Meanwhile, the Canadian Dollar may be driven by oil price dynamics. If crude prices continue to climb amid escalating tensions in the Middle East, the commodity-linked ‘Loonie’ could gain ground.
Silver price (XAG/USD) is up over 3% to near $58.20 during the early European trading session on Tuesday. The white metal surges as the rally in oil prices has halted amid hopes of renewed diplomatic efforts between the United States (US) and Iran after significant military aggression in the past few weeks.
At press time, the WTI Oil price trades 0.45% lower to near $81.90. On Monday, the WTI Oil price corrected after posting a fresh monthly high at $84.42.
Since the onset of the Middle East war, higher oil prices due to energy supply disruption de-anchored global inflation expectations, which intensified fears of interest rate hikes from various central banks. This scenario boded poorly for non-yielding assets, such as Silver.
Fresh hopes of US-Iran war de-escalation emerged after a spokesperson from Tehran confirmed receiving a proposal of 10-day cessation of strikes with the US from mediators to find ways to revive the interim deal, which fuelled investors’ confidence that negotiations between nations is still on.
On the US interest rate front, the Federal Reserve (Fed) is highly anticipated to leave interest rates unchanged in the policy meeting next week, according to the CME FedWatch tool.
Silver technical analysis
XAG/USD trades higher at around $58.12, but is maintaining a bearish near-term bias as it holds below the 20-period exponential moving average (EMA) at $59.65. The price action sits under this short-term trend gauge, suggesting rallies remain capped for now, while the Relative Strength Index (14) at 41.94 has recovered from oversold readings but still points to only moderate, corrective upside pressure rather than a sustained bullish move.
On the topside, initial resistance is located at the 20-day EMA at $59.65, and a decisive break above this barrier would be needed to ease the current downside pressure and open the door to a more meaningful recovery. On the downside, the July 17 low at $54.77 is the key support level.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
United Overseas Bank’s (UOB) Quek Ser Leang sees EUR/USD retaining a mild downside bias after slipping below a prior strong support at 1.1405. Intraday losses are expected to be limited to tests of 1.1390, with resistance at 1.1430–1.1445. Over the coming weeks, the pair is now viewed as range-trading between 1.1360 and 1.1465, with 1.1210 the next target if key supports fail.
Euro-Dollar shifts back into range trading"24-HOUR VIEW: While we indicated yesterday that EUR “could edge lower,” we held the view that “any decline is likely to be contained within a 1.1405/1.1450 range.” EUR subsequently rose to 1.1449, dipped to a low of 1.1402 before settling at 1.1414 (-0.22%). The price action has resulted in a slight increase in downward momentum, and we continue to expect EUR to edge lower today. This time around, any decline is likely limited to a test of 1.1390. Resistance is at 1.1430; a breach of 1.1445 would suggest that the current mild downward pressure has eased."
"1-3 WEEKS VIEW: Last Thursday (16 Jul, spot at 1.1470), we highlighted that while EUR “is likely to trade with an upside bias, it is too early to determine whether there is sufficient momentum for EUR to reach the significant resistance level at 1.1520.” Yesterday, EUR dipped below our ‘strong support’ level at 1.1405 with a low of 1.1402. The breach of our ‘strong support’ level indicates that upward momentum has faded. The current price movements are likely part of a range-trading phase, which is expected to be between 1.1360 and 1.1465."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
EUR/JPY edges higher after three days of losses, trading around 185.50 during the Asian hours on Tuesday. The currency cross is holding above both the nine-day and 50-day Exponential Moving Averages (EMAs), which reinforces a mildly bullish near-term bias.
The EUR/JPY cross is pressing into the upper end of its recent range while the 14-day Relative Strength Index (RSI) around 53 suggests constructive but not overstretched momentum. The daily chart technical analysis shows the currency cross is remaining within the ascending triangle, signalling aggressive buying pressure.
The EUR/JPY cross may find the initial resistance at the triangle’s upper boundary around 186.10. A decisive break above the triangle could trigger a powerful bullish continuation, which could expose the all-time high of 187.95, which was recorded on April 17.
On the downside, immediate support sits at the nine-day EMA of 185.46, with additional backing at the 50-day EMA of 185.12 and the lower edge of the ascending triangle near 185.00. A breakdown below the triangle pattern would undermine the bullish setup, exposing the EUR/JPY cross to deeper downside toward the March 16 five-month low of 181.87 and the seven-month low of 180.81.
EUR/JPY: Daily Chart(The technical analysis of this story was written with the help of an AI tool. Know more.)
Euro Price Today The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Japanese Yen.
USDEURGBPJPYCADAUDNZDCHFUSD-0.04%-0.08%0.00%-0.01%-0.16%-0.41%0.00%EUR0.04%-0.04%0.06%0.03%-0.10%-0.37%0.04%GBP0.08%0.04%0.11%0.08%-0.05%-0.33%0.09%JPY0.00%-0.06%-0.11%-0.01%-0.15%-0.43%0.00%CAD0.00%-0.03%-0.08%0.01%-0.14%-0.40%0.01%AUD0.16%0.10%0.05%0.15%0.14%-0.27%0.14%NZD0.41%0.37%0.33%0.43%0.40%0.27%0.41%CHF-0.01%-0.04%-0.09%-0.00%-0.01%-0.14%-0.41% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Gold – Chart After successfully defending the demand area of $4,021 to $4,000, XAU/USD has punched through the descending trendline on the 2-hour time frame, offering encouragement to bulls. Gold is now trading above both the 50 EMA, which lies at $4,021.55, and 100 EMA, which is at $4,038.93, suggesting near term sentiment has shifted in favor of bulls.
Gold is trading around $4,048, looking for buyers to take hold of the momentum and push prices higher to the resistance level at $4,064.08, ahead of $4,100.37 and $4,139.71. The next support lies at $4,021.28, with downside protection at $4,000.00, $3,990.15 and $3,959.00. The RSI has recovered to about 62, reflecting strengthening momentum without yet entering overbought territory.
Watch for price to get below the equilibrium level first. Wait for price to tap demand zone. Watch for a bullish shift and bullish reversal signs in the demand zone. Wait for all above to play out first then plan the sell entry, stops and targets with confidence. If price continues higher above the range high without tapping below the equilibrium level or demand zone then trade setup is cancelled.
AUDUSD 1 Hour Chart July 20 2026
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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Gold prices rose in Malaysia on Tuesday, according to data compiled by FXStreet.
The price for Gold stood at 531.49 Malaysian Ringgits (MYR) per gram, up compared with the MYR 526.67 it cost on Monday.
The price for Gold increased to MYR 6,199.51 per tola from MYR 6,142.99 per tola a day earlier.
Unit measure
Gold Price in MYR
1 Gram
531.49
10 Grams
5,315.17
Tola
6,199.51
Troy Ounce
16,531.32
FXStreet calculates Gold prices in Malaysia by adapting international prices (USD/MYR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
Gold prices rose in India on Tuesday, according to data compiled by FXStreet.
The price for Gold stood at 12,529.09 Indian Rupees (INR) per gram, up compared with the INR 12,413.91 it cost on Monday.
The price for Gold increased to INR 146,136.90 per tola from INR 144,793.40 per tola a day earlier.
Unit measure
Gold Price in INR
1 Gram
12,529.09
10 Grams
125,290.90
Tola
146,136.90
Troy Ounce
389,698.70
FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
Gold prices rose in Pakistan on Tuesday, according to data compiled by FXStreet.
The price for Gold stood at 36,200.27 Pakistani Rupees (PKR) per gram, up compared with the PKR 35,863.88 it cost on Monday.
The price for Gold increased to PKR 422,232.90 per tola from PKR 418,309.20 per tola a day earlier.
Unit measure
Gold Price in PKR
1 Gram
36,200.27
10 Grams
362,002.70
Tola
422,232.90
Troy Ounce
1,125,954.00
FXStreet calculates Gold prices in Pakistan by adapting international prices (USD/PKR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
Gold prices rose in United Arab Emirates on Tuesday, according to data compiled by FXStreet.
The price for Gold stood at 477.72 United Arab Emirates Dirhams (AED) per gram, up compared with the AED 473.25 it cost on Monday.
The price for Gold increased to AED 5,572.05 per tola from AED 5,519.84 per tola a day earlier.
Unit measure
Gold Price in AED
1 Gram
477.72
10 Grams
4,777.21
Tola
5,572.05
Troy Ounce
14,858.75
FXStreet calculates Gold prices in United Arab Emirates by adapting international prices (USD/AED) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
The USD/CAD pair attracts buyers for the second straight day on Tuesday and recovers further from its lowest level since June 17, around the 1.4000 psychological mark touched the previous day. Spot prices advanced to a one-week high during the Asian session, though the intraday move up stalls ahead of the 1.4100 mark amid mixed fundamental cues.
The soft Canadian consumer inflation figures on Monday reaffirmed bets that the Bank of Canada (BoC) will keep interest rates unchanged through the remainder of 2026. This marks a significant divergence in comparison to expectations that the US Federal Reserve (Fed) will raise borrowing costs at least once in 2026 amid concerns about energy-driven inflation. Apart from this, US President Donald Trump's new tariff of 50% on Canadian products undermines the Canadian Dollar (CAD) and acts as a tailwind for the USD/CAD pair.
Meanwhile, hawkish Fed expectations and an escalation of tensions between the US and Iran continue to act as a tailwind for the safe-haven US Dollar (USD). This is seen as another factor supporting the currency pair. That said, elevated oil prices, bolstered by the closure of the Strait of Hormuz, hold back traders from placing aggressive bearish bets on the commodity-linked Loonie and cap gains for the USD/CAD pair. Nevertheless, the broader fundamental backdrop suggests that the path of least resistance for spot prices is to the upside.
From a technical perspective, the overnight breakout through the 23.6% Fibonacci retracement level of the recent pullback from the highest level since April 2025 favors bullish traders. Furthermore, the Moving Average Convergence Divergence (MACD) is turning positive, and the Relative Strength Index (RSI) is hovering around 56. Momentum indicators together hint at recovering upside pressure. That said, it will still be prudent to wait for a move beyond the 1.4100 confluence before positioning for any further near-term appreciation.
The said handle comprises the 38.2% Fibo. level and the 200-period Simple Moving Average (SMA) on the 4-hour chart, above which the USD/CAD pair could climb to the 50.0% retracement at 1.4126 and the 61.8% level at 1.4155. On the downside, support emerges at the 23.6% retracement near 1.4059, with a more substantial structural floor at the Fibonacci anchor around 1.4000, where a deeper pullback could pause if selling pressure resumes.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
USD/CAD 4-hour chart
Canadian Dollar Price This week The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies this week. Canadian Dollar was the strongest against the Swiss Franc.
USDEURGBPJPYCADAUDNZDCHFUSD0.09%0.09%0.10%0.40%-0.59%-0.50%0.21%EUR-0.09%0.01%-0.06%0.31%-0.67%-0.60%0.11%GBP-0.09%-0.01%-0.07%0.30%-0.65%-0.61%0.15%JPY-0.10%0.06%0.07%0.39%-0.64%-0.65%0.22%CAD-0.40%-0.31%-0.30%-0.39%-0.94%-1.03%-0.15%AUD0.59%0.67%0.65%0.64%0.94%0.07%0.84%NZD0.50%0.60%0.61%0.65%1.03%-0.07%0.76%CHF-0.21%-0.11%-0.15%-0.22%0.15%-0.84%-0.76% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
Gold prices rose in Philippines on Tuesday, according to data compiled by FXStreet.
The price for Gold stood at 8,037.94 Philippine Pesos (PHP) per gram, up compared with the PHP 7,955.80 it cost on Monday.
The price for Gold increased to PHP 93,753.77 per tola from PHP 92,794.92 per tola a day earlier.
Unit measure
Gold Price in PHP
1 Gram
8,037.94
10 Grams
80,382.97
Tola
93,753.77
Troy Ounce
250,009.00
FXStreet calculates Gold prices in Philippines by adapting international prices (USD/PHP) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
Gold prices rose in Saudi Arabia on Tuesday, according to data compiled by FXStreet.
The price for Gold stood at 488.82 Saudi Riyals (SAR) per gram, up compared with the SAR 483.88 it cost on Monday.
The price for Gold increased to SAR 5,701.47 per tola from SAR 5,643.84 per tola a day earlier.
Unit measure
Gold Price in SAR
1 Gram
488.82
10 Grams
4,888.16
Tola
5,701.47
Troy Ounce
15,204.13
FXStreet calculates Gold prices in Saudi Arabia by adapting international prices (USD/SAR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
(An automation tool was used in creating this post.)
Gold (XAU/USD) regains positive traction following the previous day's two-way price moves, though it struggles to capitalize on the move and trades below the $4,050 level during the Asian session on Tuesday. Despite a cycle of tit-for-tat strikes between the US and Iran, US Secretary of State Marco Rubio said on Sunday that the US was still open to holding talks with Iran, keeping hopes alive for a potential diplomatic resolution to the conflict. This holds back the US Dollar (USD) bulls from placing fresh bets, which, in turn, is seen as a key factor supporting the commodity.
Investors, however, remain worried about energy-driven inflation, which could force the US Federal Reserve (Fed) to stick to its hawkish stance and support the USD. In fact, restricted traffic through the Strait of Hormuz has caused significant disruptions to global oil supplies. Adding to this, Yemen's Iran-aligned Houthis announced a maritime blockade against Saudi Arabia. This should continue to act as a tailwind for crude oil prices, stoking inflation fears and adding to bets of higher-for-longer US interest rates. According to the CME Group's FedWatch Tool, traders are pricing in around an 83% probability that the Fed will raise borrowing costs by the end of this year. The outlook, in turn, validates the near-term bullish USD undertone and warrants caution before placing aggressive bullish bets on the non-yielding Gold.
Meanwhile, the recent escalation of US-Iran tensions could further benefit the Greenback's reserve currency status and contribute to capping the precious metal. In fact, the US military has carried out a 10th consecutive night of attacks on Iran, with the White House saying the strikes will continue until President Donald Trump decides otherwise. Iran, on the other hand, said that it had launched retaliatory strikes at US military bases and allied infrastructure across the Gulf. This raises the risk of a broader regional conflict, which could lend additional support to the USD. Hence, it will be prudent to wait for strong follow-through buying before confirming that Gold has formed a near-term bottom and positioning for any meaningful appreciation in the absence of any relevant market-moving economic releases on Tuesday.
XAU/USD 4-hour chart
Gold looks to build on 23.6% Fibo. and descending trendline resistance breakout momentumFrom a technical perspective, acceptance above the 23.6% Fibonacci retracement level of the downfall from the July swing high and a breakout through a short-term descending trendline favor the XAU/USD bulls. Adding to this, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) both lean positive, suggesting that bearish pressure is softening.
Despite the constructive setup, Gold keeps the near-term bias tilted bearish while below the 100-period simple moving average (SMA) on the 4-hour chart and a series of Fibonacci retracements. Hence, any subsequent move up is likely to confront an initial hurdle around the 38.2% Fibo. level at $4,052.78, followed by the 100-period SMA at $4,067.29 and the 50.0% retracement at $4,081.40.
The 61.8% level at $4,110.01 should act as a stronger barrier if bulls attempt a further recovery. On the downside, immediate support is seen at the 23.6% retracement and trendline break zone around $4,017, while a more substantial floor emerges at the Fibonacci anchor near $3,960.14, where sellers would likely pause if the current pullback resumes.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
The EUR/USD pair is seen consolidating during the Asian session on Tuesday and trading just above the 1.1400 mark, or a four-day low touched the previous day. Market participants seem hesitant and keenly await the highly-anticipated European Central Bank (ECB) meeting on Thursday before positioning for the next leg of a directional move.
In the meantime, energy-driven inflation fears bolster US Federal Reserve (Fed) rate hike bets and support the US Dollar (USD) amid escalating US-Iran tensions. This could act as a headwind for the EUR/USD pair, warranting caution before confirming that the recent pullback from a four-week high, touched last Wednesday, has run its course.
Spot prices keep a bearish tone following last week's failure near the 1.1480-1.1485 region, which coincides with the 200-period Simple Moving Average (SMA). Moreover, the Moving Average Convergence Divergence (MACD) indicator remains below zero with a negative reading, while the Relative Strength Index (RSI) at 40.95 stays under the midline.
Momentum indicators together suggest waning bullish momentum and reinforce the downside bias while the EUR/USD pair remains capped beneath the 200-period SMA. This, in turn, backs the case for an eventual break below the 1.1400 round figure and a further decline towards retesting the year-to-date low, around the 1.1325 region, touched on June 24.
On the topside, initial resistance is located at the 200-period SMA around 1.1480. A sustained move above this level is needed to ease the current bearish pressure and open the way for a more constructive outlook. Nevertheless, the sub-50 RSI and negative MACD suggest that the path of least resistance for the EUR/USD pair remains to the downside.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
EUR/USD 4-hour chart
Economic Indicator ECB Press Conference Following the European Central Bank’s (ECB) economic policy decision, the ECB President gives a press conference regarding monetary policy. The president’s comments may influence the volatility of the Euro (EUR) and determine a short-term positive or negative trend. If the president adopts a hawkish tone it is considered bullish for the EUR, whereas if the tone is dovish the result is usually bearish for the Euro.
British Pound struggles as traders evaluate BoE policy, UK political developmentsGBP/USD steadies after three days of losses, trading around 1.3430 during the Asian hours on Tuesday. After recently surging toward two-month highs near 1.3550, the pair has moderated as foreign exchange traders evaluate shifting monetary policies between the Bank of England (BoE) and the US Federal Reserve (Fed) alongside political developments in the United Kingdom (UK).
From a macroeconomic perspective, central bank policy divergence remains the central pillar steering the exchange rate. While market participants anticipate eventual rate adjustments on both sides of the Atlantic, subtle differences in inflation stickiness and labor market strength determine relative yield appeal. Read more...
British Pound Sterling greets a new Prime Minister with a three-day slideGBP/USD trades down around 0.17% on Monday and is on track for a third consecutive daily decline, fading from short of 1.3500 in the London morning to a New York probe just above the 1.3400 handle before steadying between the two. The slide unwinds the last of the mid-July rebound's momentum and confirms that Cable's recovery off the summer base has run out of road well before the levels that matter.
The rejection zone tells the larger story, because 1.3550 has graduated from a line in the sand into a hard wall: it capped the pair in mid-June, repelled last week's push, and now marks the floor of a full-depth resistance zone running up to the next ceiling at 1.3650. With the daily Stochastic Relative Strength Index pushing 90, the market picked the top of an overbought bounce to hand Downing Street to a new tenant. Read more...
British Pound slips as Burnham fiscal pledge fails to lift SterlingThe Pound Sterling reverses course and turns negative on the day as Andy Burnham is named the new Prime Minister and reassures that he will stick to the fiscal rules set by the former Chancellor, Rachel Reeves, who just resigned. The GBP/USD trades at 1.3425, after hitting a daily high of 1.3481.
Sentiment turned upbeat, even though hostilities in the Middle East continued. Attacks between the US and Iran keep tensions high, keeping investors worried about a disruption in Oil supply, which the US Crude Oil benchmark, WTI so far up 21% in the month. This reignited speculation that the Federal Reserve (Fed) could increase rates by 25 basis points toward the end of the year. Read more...
The AUD/JPY cross trades in positive territory around 113.85 during the early European session on Tuesday. The Australian Dollar (AUD) strengthens against the Japanese Yen (JPY) due to the interest rate differential between the Reserve Bank of Australia (RBA) and the Bank of Japan (BoJ). However, fears of possible intervention from Japanese authorities might cap the upside for the cross.
After delivering three consecutive 25 basis points (bps) hikes earlier this year, the Reserve Bank of Australia (RBA) decided to hold the Official Cash Rate (OCR) steady at 4.35% at its June policy meeting.
Economists warned that rising oil and fuel prices could cement a fourth interest rate rise this year if US President Donald Trump’s renewed conflict with Iran is not resolved within a week.
Traders have raised their bets on an RBA rate hike since airstrikes resumed last week, now pricing in nearly a 23% odds of a hike in August and more than a 50% chance by December, according to the Guardian.
In the daily chart, AUD/JPY holds a bullish near-term bias as it remains above the 100-day simple moving average (SMA) and the Bollinger Bands’ 20-day middle band, keeping the broader uptrend intact. Price is advancing toward the Bollinger upper band, while the Relative Strength Index (14) around 60 suggests firm but not overstretched upside momentum.
On the topside, immediate resistance aligns with the Bollinger Bands’ upper band at 114.10. The next hurdle is located at the May 13 high of 114.74, en route to the 115.00 psychological level.
On the downside, initial support is seen at the July 20 low of 113.10. The next contention level to watch is the 100-day SMA at 112.75, followed by the Bollinger middle band at 112.55, with a deeper cushion coming in at the lower band near 111.05 should a corrective pullback develop.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Australian Dollar FAQs One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD.
The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive.
China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs.
Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD.
The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.
The latest US tariffs on Canadian goods may be relatively modest in size, but the market reaction suggests investors are focusing on something bigger than the immediate trade impact. USD/CAD advanced after US President Donald Trump signed three proclamations imposing 50% tariffs on about $20 billion of Canadian exports, including alcohol, dairy products, motor vehicles, cement, hockey equipment and electrical machinery. The measures will take effect in roughly 30 days and, notably, apply regardless of compliance with the US-Mexico-Canada Agreement (USMCA, known as CUSMA in Canada), while exempting energy, potash, critical minerals and products already subject to Section 232 duties.
The significance lies less in the sectors affected than in what the latest move says about US trade policy. Since early 2025, Washington has repeatedly expanded tariffs on Canadian goods using different legal authorities rather than relying on the framework established by USMCA. Each new measure reinforces the perception that the agreement is providing less practical protection against unilateral trade actions. As a result, markets are increasingly treating US-Canada trade friction as a structural issue rather than a series of isolated disputes, adding another headwind to Canada’s economic outlook just as uncertainty surrounding the formal USMCA review continues to build.
Canada’s response has so far stopped short of matching Washington’s escalation. Prime Minister Mark Carney reiterated his preference for negotiations and emphasized strengthening Canada’s domestic economy, while Ontario Premier Doug Ford urged Ottawa to retaliate “tariff for tariff, dollar for dollar.” Whether the federal government adopts a more confrontational stance will likely determine how far trade tensions escalate. For now, the new tariffs represent another obstacle for the Canadian Dollar, particularly if investors begin pricing a more prolonged drag on growth.
Technically, USD/CAD is also sending a constructive signal for Dollar bulls. The rebound from 1.4002 followed successful tests of both 55 D EMA (now at 1.4002) and 1.3965 cluster support (38.2% retracement of 1.3480 to 1.4247 at 1.3954), suggesting the decline from 1.4247 was corrective rather than the start of a broader reversal. Firm break above 1.4115 minor resistance would strengthen the case that the broader uptrend from the 2026 low at 1.3480 is resuming, bringing another challenge of the 1.4247 high into view.
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AUD/USD started a steady increase above 0.6950 and 0.6975. A key bullish trend line is forming with support at 0.6950 on the 4-hour chart. Gold prices declined and might dip below $3,950. USD/JPY could gain bullish momentum if it settles above 162.70. AUD/USD Technical Analysis The Aussie Dollar started a fresh increase from 0.6865 against the US Dollar. AUD/USD climbed above 0.6900 and 0.6950 to enter a positive zone.
Looking at the 4-hour chart, the pair cleared many hurdles near the 50% Fibonacci retracement level of the downward move from the 0.7088 swing high to the 0.6865 low. The pair also settled above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
On the upside, the pair could face resistance near the 76.4% Fibonacci retracement level at 0.7035. The next major resistance might be 0.7050. A close above 0.7050 could start a steady increase.
In the stated case, the bulls could aim for a move to 0.7120. Any more gains might open the doors for a test of 0.7200. If there is a downside correction, the pair might find bids near 0.6965.
The first major support could be near 0.6950. There is also a key bullish trend line forming with support at 0.6950. A downside break and close below 0.6950 might send the pair toward 0.6910. Any more losses could open the doors for a test of 0.6865.
Looking at Gold, the bears remained in action below $4,150, and they might even target a move below $3,950.
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Silver (XAG/USD) attracts buyers for the third straight day and climbs back above the $57.00 mark during the Asian session on Tuesday. The white metal, however, remains below the overnight swing high, with bulls awaiting a breakout through a short-term descending trend-line hurdle before positioning for further gains.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator is marginally positive, and the Relative Strength Index (RSI) near 52 hints at stabilizing momentum. Hence, a sustained move beyond the aforementioned barrier should pave the way for additional gains. The XAG/USD might then climb to the 38.2% Fibonacci retracement level of the decline from the monthly top near $58.06, en route to the 100-period Simple Moving Average (SMA) on the 4-hour chart, just ahead of the $59.00 round figure.
The latter nears the 50% retracement level and acceptance above this would be needed to ease the current bearish bias, which should open the way to higher retracement objectives. However, a failed attempt to conquer this confluence would suggest that rallies remain vulnerable while that barrier stays overhead. Meanwhile, higher barriers are seen at the 61.8% level at $60.04 and the 78.6% retracement at $61.46.
On the downside, immediate support comes from the 23.6% Fibonacci retracement at $56.83, and a drop back below this pivot would likely reassert selling pressure and expose the structural floor near $54.84.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
XAG/USD 4-hour chart
Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
