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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.
Forex
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.
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.
Gold Price Forecast: XAU/USD attempts Descending Triangle breakout near $4,070
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.
British Pound: CPI focus supports Sterling against US Dollar – Societe Generale
Silver price today: Silver rises, according to FXStreet data
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.
GBP/USD Price Forecast: Tests nine-day EMA support near 1.3400
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.
British Pound: Sterling trades in a broad range against US Dollar – UOB
Summary: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.
Silver Price Forecasts: XAG/USD reaches $59.00 amid hopes of new US-Iran negotiations
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.
USDCHF stuck sideways The US dollar remains bullish after bouncing over 50 pips from last week's reversal. The next step now is to break the new resistance at 0.8150 before a full rebound can materialise.
AUD/USD Price Forecast: Further upside likely towards 0.7100
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.
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.
Euro: Downward bias capped by 1.1390 support against US Dollar – UOB
