The US 10-year yield is basically just treading water above the 4.60 level, an area that has been supportive for yields for a while now. And the 50-day EMA sits just below there as well, so I’m looking at this as neutral today, until something happens, of course. There are major headline risks going into the weekend, so that could come into play as well as far as how people behave.
Gold Price Forecast: XAU/USD Holds Above $4,380, Technicals Point to Further Upside
Gold (XAU/USD) is trading at two-month highs above $4,380 per ounce as of [current date], supported by a combination of technical momentum and persistent safe-haven demand. The precious metal has held its ground despite a firmer US dollar, signaling that buyers remain in control in the near term.
The recent rally in gold prices comes amid ongoing geopolitical uncertainties and expectations that major central banks may ease monetary policy later this year. While the US dollar has shown resilience, gold has decoupled from its usual inverse correlation, reflecting strong physical buying and investor interest in safe-haven assets. Market participants are also monitoring inflation data and Federal Reserve commentary for further direction.
From a technical perspective, gold’s break above the $4,350–$4,380 resistance zone has opened the door for further upside. The next major resistance level is seen near $4,420, followed by the psychological $4,500 mark. On the downside, immediate support lies at $4,350, with stronger support at $4,300. The Relative Strength Index (RSI) is approaching overbought territory, suggesting that a short-term consolidation could occur before the next leg higher. However, the overall trend remains bullish as long as prices stay above the 50-day moving average.
For investors, the current gold price action highlights the metal’s role as a portfolio diversifier and hedge against uncertainty. The sustained strength above $4,380 suggests that market participants are willing to pay a premium for safety, which could persist if economic data remains mixed. However, a sudden shift in Fed policy or a resolution of geopolitical tensions could trigger profit-taking, so traders should remain cautious.
Gold’s ability to hold above $4,380 reflects a constructive technical setup and ongoing safe-haven demand. While the short-term bias is bullish, traders should watch for potential resistance near $4,420 and a possible pullback if momentum stalls. As always, staying informed on macroeconomic developments is crucial for navigating the precious metals market.
Q1: What is the current gold price forecast?
The short-term forecast is bullish as long as XAU/USD holds above $4,380, with potential upside toward $4,420 and $4,500.
Q2: Why is gold price rising?
Gold is rising due to safe-haven demand, geopolitical uncertainties, and expectations of potential central bank rate cuts.
Q3: What are the key support and resistance levels for gold?
Immediate support is at $4,350, with stronger support at $4,300. Resistance is seen at $4,420 and then $4,500.
This post Gold Price Forecast: XAU/USD Holds Above $4,380, Technicals Point to Further Upside first appeared on BitcoinWorld.
The EURJPY pair repeatedly provided weak sideways trading by its fluctuation near 183.80 level; however, it will not affect the previously suggested bullish scenario, due to stability above the support level at 183.15 besides stochastic attempt to provide bullish momentum, which settles within the overbought levels.
Which makes us keep the bullish scenario, which might target 184.35 level that represents the initial station, and surpassing this obstacle will extend the trading towards 184.80 reaching the main target at 185.45.
The expected trading range for today is between 183.40 and 184.80
Trend forecast: Bullish
EUR/JPY extends its losses for the third successive day, trading around 183.60 during the Asian hours on Thursday. The 14-day Relative Strength Index (RSI) at 47.11 reinforces a neutral-to-soft momentum backdrop rather than a decisive directional push.
The EUR/JPY cross is retaining a mildly bearish near-term bias as it holds below the 50-day Exponential Moving Average (EMA) while trading just above the nine-day EMA. This split in moving averages suggests the currency cross is capped by medium-term trend resistance despite nearby short-term support.
TMGM Analysis: Financial Market News, Economic Calendar & Market Insights
The EUR/JPY cross faces immediate support at its nine-day Exponential Moving Average of 183.49. A decisive break below this short-term indicator would strengthen the prevailing bearish bias, potentially pressing the currency cross down toward its eight-month low of 179.37, recorded on August 3. If downward momentum continues, the next key technical target lies at the nine-month low of 175.70.
A turn to the upside would see EUR/JPY cross head toward primary resistance at its 50-day EMA near 184.51. Clearing this medium-term hurdle could signal a broader bullish resurgence, opening the path for the pair to retest the area surrounding its all-time peak of 187.95 set on April 17.
Analysts at Scotiabank note that, while “there have been no comments from FinMin Katayama or ViceMin Mimuri,” local media coverage is increasingly “highlighting the potential for tension between US officials and Japan’s government as the US pushes for BoJ tightening.”
(The technical analysis of this story was written with the help of an AI tool. Know more.)
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.00% | -0.01% | -0.08% | 0.03% | 0.17% | 0.46% | 0.03% | |
| EUR | 0.00% | 0.00% | -0.06% | 0.00% | 0.17% | 0.44% | 0.03% | |
| GBP | 0.00% | -0.01% | -0.06% | 0.00% | 0.19% | 0.44% | 0.01% | |
| JPY | 0.08% | 0.06% | 0.06% | 0.09% | 0.24% | 0.48% | 0.08% | |
| CAD | -0.03% | -0.00% | -0.01% | -0.09% | 0.15% | 0.42% | -0.01% | |
| AUD | -0.17% | -0.17% | -0.19% | -0.24% | -0.15% | 0.28% | -0.15% | |
| NZD | -0.46% | -0.44% | -0.44% | -0.48% | -0.42% | -0.28% | -0.39% | |
| CHF | -0.03% | -0.03% | -0.01% | -0.08% | 0.00% | 0.15% | 0.39% |
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).
The reports showed that inflationary pressure was slowing down. As a result, bond traders rushed to buy Treasuries, pushing their yields lower. The yield of 2-year Treasuries declined towards the 4.15% level, while the yield of 10-year Treasuries settled below 4.65%.
Typically, falling Treasury yields provide support to gold that pays no interest. Today, traders preferred to use the encouraging Producer Prices report as an opportunity to take some money off the table.
U.S. dollar moved lower against a broad basket of currencies as traders focused on falling Treasury yields. Weaker dollar did not provide any support to gold markets in today’s trading session.
In case gold settles back below the $4350 level, it will move towards the $4300 level. If gold declines below $4300, it will head towards the support at $4180 – $4200.
On the upside, gold needs to settle back above the resistance at $4360 – $4380 to have a chance to gain upside momentum in the near term. In this case, gold will move towards the next resistance level at $4480 – $4500.
The article covers the following subjects:
Consider long positions from corrections above 1.3390 with a target of 1.3870–1.4140.
Breakout and consolidation below 1.3390 will allow the pair to continue declining to the levels of 1.3140–1.2936.
On the weekly time frame, an ascending wave of larger degree (A) of B is developing. Within it, wave 1 of (A) has formed, a downward correction 2 of (A) has been completed, and wave 3 of (А) is unfolding. Apparently, the third wave iii of 3 is developing on the daily time frame, within which a local correction (ii) of iii has formed. Wave (iii) of iii is developing on the H4 chart, with wave iii of (iii) still forming as its part. If the presumption is correct, GBP/USD will continue to rise to 1.3870–1.4140. The level of 1.3390 is critical in this scenario as a breakout below it will enable the pair to continue declining to the levels of 1.3140–1.2936.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance broker. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2014/65/EU.
According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
Copper price provided some corrective trading by reaching $6.4500 yesterday, to keep its positive stability within the bullish channel’s levels, rebounding quickly above the initial support at $6.5000.
The price needs a new bullish momentum to reinforce the chances of renewing the bullish attempts, which might target $6.6100 and $6.7200, while changing the trend and begin a bearish trend requires breaking $6.4000 and holding below it.
The expected trading range for today is between $6.4800 and $6.6100
Trend forecast: Bullish
The USD/JPY pair trades with a mild negative bias below mid-159.00s during the Asian session on Friday, though it remains close to a nearly two-week high touched the previous day.
Signs of cooling US inflation temper expectations for an immediate rate hike by the Federal Reserve (Fed), which keeps the US Dollar (USD) depressed. The Japanese Yen (JPY), on the other hand, draws some support from bets for further policy tightening by the Bank of Japan (BoJ), which contributes to capping the upside for the USD/JPY pair.
That said, borrowing costs in Japan remain significantly lower compared to other major economies, including the USD, which keeps the so-called JPY carry trade active. Furthermore, persistent geopolitical uncertainties should help limit deeper losses for the safe-haven Greenback and support the USD/JPY pair, warranting caution for bears.
From a technical perspective, the recent strong recovery from the 155.25-155.20 area, or the lowest since early May, stalls near the 50% Fibonacci retracement level of the intervention-led slump from a four-decade peak. Meanwhile, momentum indicators hint at waning upside momentum as the USD/JPY pair consolidates under dense resistance.
The Relative Strength Index (RSI) around 56 is mildly positive, while the Moving Average Convergence Divergence (MACD) has slipped slightly below zero with a soft negative histogram. Hence, any subsequent move beyond the 50% retracement level at 159.61 might confront a hurdle near the 100-period Exponential Moving Average (EMA) at 159.85.
A move beyond these levels should pave the way for further gains to the 61.8% retracement at 160.65 and the higher Fibonacci resistances at 162.12 and 164.00. On the downside, initial support is seen at the 38.2% retracement at 158.58, ahead of the 23.6% retracement near 157.30, while a deeper slide would expose the structural floor around 155.23.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies this week. Japanese Yen was the strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.13% | -0.06% | 1.02% | -0.21% | 0.03% | 0.48% | 0.73% | |
| EUR | -0.13% | -0.19% | 0.83% | -0.45% | -0.16% | 0.24% | 0.50% | |
| GBP | 0.06% | 0.19% | 0.99% | -0.25% | 0.05% | 0.45% | 0.69% | |
| JPY | -1.02% | -0.83% | -0.99% | -0.90% | -0.64% | -0.37% | -0.07% | |
| CAD | 0.21% | 0.45% | 0.25% | 0.90% | 0.27% | 0.54% | 0.98% | |
| AUD | -0.03% | 0.16% | -0.05% | 0.64% | -0.27% | 0.40% | 0.66% | |
| NZD | -0.48% | -0.24% | -0.45% | 0.37% | -0.54% | -0.40% | 0.24% | |
| CHF | -0.73% | -0.50% | -0.69% | 0.07% | -0.98% | -0.66% | -0.24% |
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 Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
Platinum price confirmed its surrender to the bearish scenario by forming some bearish waves, approaching from the initial target at $1685.00, which force it to form sideways fluctuating moves by its stability at $1715.00.
Reminding you that the negative stability below $1785.00 resistance and the continuation of the negative momentum from the main indicators will increase the chances of resuming the bearish attempts, which might target the next stations near $1642.00.
The expected trading range for today is between $1650.00 and $1740.00
Trend forecast: Bearish
