United States CFTC Gold NC Net Positions: $194.2K vs $194K
United States CFTC Gold NC Net Positions: $194.2K vs $194K
Market narrative
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United States CFTC Gold NC Net Positions: $194.2K vs $194K
Forex
EUR/USD continues to trade within an increasingly compressed range, with both the weekly and monthly opening ranges developing just above a major support zone. The repeated failure to break lower has left the April downtrend vulnerable near-term, while buyers still need a decisive breakout to suggest a more durable low is in place.
Global markets are nervously anticipating the release of the U.S. Consumer Price Index (CPI).
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The gold market has fallen during most of the week, as we continue to see the US dollar cause issues for gold bulls. It looks as if we are at a major point of inflection.
Silver continues to struggle with anything close to momentum, as we are looking at a situation where the lack of yield remains a problem in the higher-rate environment.
The battle for control of GBP/USD is shifting back to a familiar battleground. After recovering sharply from support at the yearly lows, Sterling is once again confronting the yearly open and a major Fibonacci resistance zone that rejected price just weeks ago.
As long as interest rates and the US dollar continue to be elevated, I think silver will continue to be a bit sluggish. On Friday, we continue to watch this play out.
Gold managed to hold support at 4020-30 yesterday to meet the target of 4100 and above. As we see over the chart, prices remain inside a triangle formation with support at 4050 and resistance at 4140.
USDJPY managed to pass above the short-term resistance zone of 161.95 which shows a strong advance still ongoing. Prices fell toward 160.50-70 on the suspected intervention before bouncing back.
GBPUSD managed to test the resistance zone at 1.3400-30 in the last few days before a market correction. As we see over the previous chart and as long as prices remain below this resistance, another retreat toward 1.3305 and 1.3160 could hit the market.
EURUSD is still holding above the Intraday support at 1.1380 while the advance scenario still applies. Traders need to watch the support of 1.1380 as the market still has a chance to move higher.
Until we see a weaker US dollar, gold will continue to look a bit soft, leaving only short-term buying opportunities. Gold remains a lackluster market to deal with at the moment.
GBP/JPY Price Forecast: Bulls remain in control with RSI and MACD in positive territory
EUR/USD is still bounded in consolidations above 1.1323 and intraday bias remains neutral. . With 1.1499 support turned resistance intact, further decline is expected.
USD/JPY falls sharply today but still it's bounded in range below 162.83. Intraday bias remains neutral and more consolidations would be seen.