Market Analysis
GOLD
Gold prices are currently showing increased potential for continued bullish movement. However, the MACD and RSI suggest possible bearish continuation, with RSI hovering at overbought levels and MACD signaling growing selling volume. Despite this, prices continue edging higher.
Current chart patterns indicate the potential for a short-term pullback to test the EMA200 before a resumption of the uptrend. As price remains within bullish structure, we will continue monitoring for clear breakouts and maintain a bias toward buying opportunities.
SILVER
Silver remains near recent highs, consolidating just below key breakout levels. The MACD and RSI confirm this pause in momentum, though yesterday’s rally—driven by a weaker dollar—reinforces silver’s bullish potential. We will wait for a clean break above structure for confirmation of a buying continuation.
DXY (U.S. Dollar Index)
The Dollar continues to weaken amid growing fiscal uncertainty. The U.S. tax policy debate is pressuring the greenback, and this week’s economic calendar is packed:
- FOMC Meeting Minutes
- Preliminary GDP q/q
- Unemployment Claims (Thursday)
- Core PCE Price Index m/m (Friday)
These data releases could influence the direction of the Dollar and expectations around tariffs and Fed policy. For now, we remain on the sidelines but continue looking for sell-side opportunities.
GBP/USD
The Pound continues to consolidate, with little change in market structure. We anticipate increased trading activity to offer clearer directional cues. The broader bias remains neutral until a breakout occurs.
AUD/USD
The Aussie is pulling back from recent highs but remains within a bullish structure. Price is nearing the EMA200 and may find support there. While the MACD shows selling volume and RSI eases from overbought levels, we interpret this as a healthy correction. We maintain a bullish bias.
Australia’s upcoming CPI release on Wednesday could drive further volatility. A softer reading may reinforce rate cut expectations, but until then, we watch for bullish continuation setups.
NZD/USD
The Kiwi is showing signs of short-term weakness, but its overall structure remains bullish. A retracement ahead of the RBNZ’s anticipated rate cut on Wednesday is likely priced in. Post-announcement, if sentiment supports continued easing, the Kiwi could regain momentum. We remain cautiously bullish and await confirmation.
EUR/USD
The Euro continues its climb, driven by optimism around ongoing negotiations. MACD and RSI reflect strong bullish volume. The structure remains intact, and we will continue to look for buying opportunities unless major fundamental shifts occur.
USD/JPY
The Yen is strengthening against the Dollar. RSI is approaching oversold territory, and MACD supports further bearish momentum. A brief recovery was seen yesterday, but unless the Dollar finds footing, we expect continued selling in this pair.
USD/CHF
The Franc continues to show strength. MACD and RSI both confirm bearish momentum in USD/CHF, and with the Dollar under pressure, the Franc remains a strong alternative. We continue to favor short setups in this market.
USD/CAD
The Canadian Dollar has strengthened, though it’s retraced slightly from recent lows. MACD and RSI suggest growing bearish divergence, indicating selling pressure may resume soon. The broader trend remains bearish, and we look for short opportunities as long as structure holds.
COT Reports Analysis
- AUD – WEAK (5/5)
- GBP – STRONG (2/5)
- CAD – WEAK (5/5)
- EUR – STRONG (3/5)
- JPY – STRONG (4/5)
- CHF – WEAK (5/5)
- USD – MIXED
- NZD – WEAK (4/5)
- GOLD – STRONG (4/5)
- SILVER – STRONG (5/5)
Final Thoughts
This week, 6 signals are aligning for gold: technical strength, fiscal uncertainty, a weakening Dollar, bullish silver confirmation, economic data triggers, and geopolitical positioning. These factors continue to support a bullish outlook, even amid short-term consolidation.
Forex markets remain mixed, but gold and silver offer the clearest bullish trends. Watch upcoming CPI and rate announcements for Aussie and Kiwi to guide near-term trades. Visit: https://axelprivatemarket.com/