Copper price remains needs positive momentum, which forces it to delay the previously waited bullish attack, to keep providing sideways trading near $4.9000, note that the stability above $4.7500 support is important, to keep waiting for gathering extra positive momentum to pave the way for surpassing the barrier near $5.0600, then begin recording some gains by its rally towards $5.2000 and $5.3200.
While facing new negative pressures and reaching below the current support might force it to form correctional trading, to suffer intraday losses by reaching $4.6200 followed by the moving average 55 near $4.4000.
The expected trading range for today is between $4.7500 and $5.2000
The EURJPY pair forced it to form slow sideways trading, to face stochastic negativity which keeps its positive stability above the extra support at 175.20 level, confirming the continuation of the suggested bullish attempts.
Gathering the positive momentum is important to ease the mission of forming bullish waves, to help it surpass the obstacle at 176.40, then targeting the next positive station at 177.05, while breaking the current support will force it to activate the bearish corrective trend, to suffer extra losses by reaching 174.25.
The expected trading range for today is between 175.20 and 176.45
Copper price remains needs positive momentum, which forces it to delay the previously waited bullish attack, to keep providing sideways trading near $4.9000, note that the stability above $4.7500 support is important, to keep waiting for gathering extra positive momentum to pave the way for surpassing the barrier near $5.0600, then begin recording some gains by its rally towards $5.2000 and $5.3200.
While facing new negative pressures and reaching below the current support might force it to form correctional trading, to suffer intraday losses by reaching $4.6200 followed by the moving average 55 near $4.4000.
The expected trading range for today is between $4.7500 and $5.2000
The British pound rallied during the trading session on Thursday to reach the crucial 50 Day EMA indicator.
That being said, we have given back some of the gains and it looks like the US dollar might come back into favor.
With that being the case, I could see this market pulling back a bit, but I also recognize that the British pound has been stronger against the US dollar than many other currencies, and with that being the case I think you have to look at this through the prism of a market that is just simply trying to sort itself out.
US Dollar Strength
Even if the US dollar strengthens quite significantly, it will continue to struggle a bit against the British pound, due to the relative strength of this currency against many others out there. Ultimately, this pair starts to fall apart, it’s more likely than not that other currency such as the Euro or the Canadian dollar will get absolutely crushed.
Technical Analysis
Keep in mind that the technical analysis for this market is somewhat sideways, as we are sitting between the 50 Day EMA and the 200 Day EMA indicators, and it’s also worth noting that we are at the 1.34 level, which is the middle of the overall consolidation range that we have been in between the 1.32 level on the bottom, and the 1.36 level on the top. As we are in the middle of this range, then it makes quite a bit of sense that we could look at the market as being “near fair value.”
Ultimately, the US dollar has been fighting most other currencies, and I think that will remain the same situation here. With the market being this noisy as it is, I think fading signs of exhaustion will more likely than not end up being selling opportunities, but you need to watch the US dollar against multiple other currencies, to get an idea as to how the US dollar may behave in general. If we do break above the 50 Day EMA and perhaps the 1.35 level, then it’s likely that we could go looking to the 1.36 level after that.
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
West Texas Intermediate (WTI) Oil price falls on Friday, early in the European session. WTI trades at $60.99 per barrel, down from Thursday’s close at $61.16.Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $64.82 after its previous daily close at $64.99.
West Texas Intermediate Oil price falls on Friday, early in the European session. WTI trades at $60.99 per barrel, down from Thursday’s close at $61.16.Brent Oil Exchange Rate is also shedding ground, trading at $64.
82 after its previous daily close at $64.99. WTI Oil FAQs What is WTI Oil? WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media. What factors drive the price of WTI Oil? Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa. How does inventory data impact the price of WTI Oil The weekly Oil inventory reports published by the American Petroleum Institute and the Energy Information Agency impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency. How does OPEC influence the price of WTI Oil? OPEC is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
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WTI extends upside to near $62.00 as OPEC+ signals cautious production hikeWest Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.95 during the early European trading hours on Wednesday. The WTI extends the rally after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) opt for a modest production increase. Baca lebih lajut »
WTI declines to near $61.50 on EIA crude oil inventories surgeWest Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.70 during the Asian trading hours on Thursday. The WTI edges lower amid a larger-than-expected crude inventory build. Baca lebih lajut »
WTI Oil Price Advances in Early European TradingWest Texas Intermediate (WTI) oil prices and Brent crude oil prices rose on Thursday, with WTI trading at $62.24 per barrel and Brent at $66.13. The news also provides an overview of WTI oil, its characteristics, factors influencing its price including supply and demand, OPEC decisions, and inventory data. Baca lebih lajut »
WTI edges higher above $61.50 as US crude oil inventories riseWest Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.70 during the Asian trading hours on Thursday. The WTI gains traction amid a larger-than-expected crude inventory build. However, easing geopolitical tensions in the Middle East might cap its upside. Baca lebih lajut »
Energy Prices Could Finally Fall in 2026Market Analysis by covering: Brent Oil Futures, Crude Oil WTI Futures, Natural Gas Futures. Read ‘s Market Analysis on Investing.com Baca lebih lajut »
WTI Price Forecast: Struggles below $61.00, bearish bias remainsWest Texas Intermediate (WTI) US Crude Oil prices extend the previous day’s pullback from the vicinity of mid-$62.00s, or the weekly top, and remain depressed for the second straight day on Friday. Baca lebih lajut »
The US dollar has fallen a bit against the Japanese yen and now it looks like we are starting to see buyers jump back into the market.
This is a pair that I remain bullish about, and I think we’re starting to show signs of maybe being able to get involved in this market.
After all, traders will try to find some excuse to take advantage of that positive swap.
That being said, the 150 yen level is where the 50 % Fibonacci retracement level is on the move that we have seen recently. Or you could even look at the gap and see that we tested the 50 % Fibonacci retracement level from the actual gap itself. It does make sense that people will be willing to get involved and try to reach the 153 yen level. This is a market that often sees these little pullbacks in short order, but the interest rate differential continues to favor the US dollar.
I Still Remain Bullish
All things being equal, this is a market that I think given enough time, this is a pair that goes much higher. And with that being the case, I have to look at potential targets, and I will base it on and granted this is a huge look here at technical analysis, but we did break out of an ascending triangle, which basically measures for a move to about 162 or so, which is where we broke down from in July of 2024. I think that might be where we’re going.
The interest rate differential and of course the soft Japanese central bank will continue to push this thing higher, and unless we get some type of major risk-off event, which is always entirely impossible, I think the Japanese Yen remains on its back foot for quite some time.
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
Gold experiences intense volatility in the Asian trading hours on Friday, driven by a bout of profit-taking and risk-off flows, following the latest parabolic rise to new record highs near $4,380.
Gold weighs dovish Fedspeak against profit-taking
Gold yo-yos within a $100 range, eyeing a ninth consecutive weekly advance. Gold looks to book a whopping 8% gain this week, mainly driven by massive supply for the US Dollar amid renewed US-China trade tensions and dovish reinforcement surrounding US Federal Reserve (Fed) interest rate cuts.
In a latest spat between the US and China, the latter accused the US of exaggerating its rare earth export controls to stir panic, rejecting calls to roll them back.
Meanwhile, S&P Global estimated that US President Donald Trump’s tariffs will cost global firms $1.2 trillion in 2025, with about two-thirds of the burden falling on consumers.
Additionally, the latest round of Fedspeak helped double down on bets for two Fed rate cuts this year and weighed on the US Treasury bond yields, as investors remain wary of the impact of the tariffs and the ongoing government shutdown on the US economy.
Fed Governor Christopher Waller said on Thursday that a 25 bps rate cut is justified at the upcoming meeting, based on current data.
Minneapolis Fed President Neel Kashkari warned late Thursday, there is “more risk of labor market negative surprise than an uptick in inflation,” implying that there is scope for more rate cuts.
However, the correction in Gold seems to be sponsored by fresh optimism on a potential Russia-Ukraine peace deal as Trump and Ukrainian President Volodymyr Zelenskyy in Washington on Friday.
A Kremlin aide said recently that a Trump–Putin call lasted almost 2.5 hours and that the “call was substantive and open.” Both leaders discussed possible Tomahawk missile deliveries.
Separately, Zelenskyy said that he is “counting on the momentum that helped end terror and war in the Middle East to also help end the war with Russia.”
Further, markets resorted to taking profits off the table heading into the weekend, with the end-of-the-week flows likely in play going forward. All in all, another volatile session remains on the cards.
Gold price technical analysis: Daily chart
The short-term technical outlook for Gold remains more or less the same, with the ‘hot run’ triggering timely bouts of profit-taking, justified by the 14-day Relative Strength Index (RSI) stretching within the extreme overbought zone, currently near 87.50.
Risks are skewed more in favor of an extension to the latest steep corrective downside, with the immediate cushion seen at the rising channel resistance-turned-support at $4,243.
If that cap gives way, sellers could flex their muscle toward the actual channel support at $4,095.
The natural tendency of the rising channel formation is a break to the downside and hence, a daily candlestick close below the latter could confirm a bearish breakdown, initiating a fresh correction toward the $3,950-$3,900 demand area, where the 21-day Simple Moving Average (SMA) and the October 1 and 2 highs lie.
On the flip side, a retest of the lifetime highs at $4,379 will be inevitable if buyers fight back control. The $4,450 psychological level and the $4,500 round figure will be next on their radars.
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 GBP/USD pair gains positive traction for the third consecutive day on Friday and moves further away from its lowest level since early August, around the 1.3250-1.3245 region touched earlier this week. Spot prices currently trade around mid-1.3400s, or a one-and-a-half-week high touched on Thursday amid a broadly weaker US Dollar (USD), though the intraday uptick lacks bullish conviction.
Tuesday’s disappointing UK employment data fueled speculations that the Bank of England (BoE) could continue cutting rates gradually. This, along with concerns over the UK’s fiscal outlook ahead of the crucial Autumn budget in November, is holding back traders from placing aggressive bullish bets around the British Pound (GBP) and turning out to be a key factor acting as a headwind for the GBP/USD pair.
From a technical perspective, the overnight breakout through the 100-period Simple Moving Average (SMA) on the 4-hour chart and a subsequent move beyond the 38.2% Fibonacci retracement level of the recent pullback from an over two-month top set in September favor bullish traders. Moreover, oscillators on the 4-hour chart have been gaining positive traction and back the case for additional gains for the GBP/USD pair.
Hence, some follow-through rise towards the 50% Fibo. retracement level, around the 1.3480-1.3485 region, looks like a distinct possibility. This is closely followed by the 1.3500 psychological mark, which, if cleared, will be seen as a fresh trigger for bullish traders and allow the GBP/USD pair to climb further towards the next relevant hurdle near the 1.3545-1.3550 region, or the 61.8% Fibo. retracement level.
On the flip side, any corrective slide now seems to find decent support near the 1.3400 mark. A further pullback could be seen as a buying opportunity near the 1.3355 region (23.6% Fibo. level), below which the GBP/USD pair could accelerate the fall towards the 1.3300 round figure. The downward trajectory could extend further towards a two-and-a-half-month low, around the 1.3250-1.3245 region, touched on Tuesday.
GBP/USD 4-hour chart
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data.
Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).
The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates.
When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money.
When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.
Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP.
A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.
Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period.
If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
Gold price (XAU/USD) extends its upside to around $4,365 during the early Asian session on Friday. The precious metal holds positive ground after reaching a record high of $4,380 in the previous session. A fear of a prolonged US government shutdown, growing bets of additional US interest rate cuts, and US-China trade tensions support the yellow metal. Traders will keep an eye on the Fedspeak later on Friday for fresh impetus.
There are also growing worries about the ongoing US government shutdown, which weighs on the US Dollar (USD) and underpins the USD-denominated commodity price. The federal shutdown has entered its third week after the Senate failed to advance legislation that would restore funding. US Treasury official said that a US government shutdown could cost the US economy up to $15 billion a week in lost output.
Rate cut bets by the US Federal Reserve (Fed) also fuel the momentum. Fed’s Powell said on Tuesday that a sharp slowdown in hiring poses a growing risk to the US economy, suggesting that the US central bank will likely cut its key interest rate twice more this year.
Additionally, Fed Governor Christopher Waller noted that he is on board with another interest rate reduction at the Fed’s policy meeting later this month, citing the mixed readings on the state of the job market. Lower interest rates could reduce the opportunity cost of holding Gold, supporting the non-yielding precious metal.
Brewing US-China trade tensions contribute to the yellow metal’s upside. US President Donald Trump said Washington was considering cutting some trade ties with China after both countries began imposing additional port fees on ships carrying cargo.
On the other hand, easing concerns over geopolitical risks could undermine the safe-haven assets like Gold. Trump said late Thursday that he and Russian President Vladimir Putin agreed to another summit to discuss ending the war in Ukraine, one day before Trump was due to speak with Ukrainian leader Volodymyr Zelenskiy, per Bloomberg.
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.
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WTI declines to near $61.50 on EIA crude oil inventories surgeWest Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.70 during the Asian trading hours on Thursday. The WTI edges lower amid a larger-than-expected crude inventory build.
WTI Oil Price Advances in Early European TradingWest Texas Intermediate (WTI) oil prices and Brent crude oil prices rose on Thursday, with WTI trading at $62.24 per barrel and Brent at $66.13. The news also provides an overview of WTI oil, its characteristics, factors influencing its price including supply and demand, OPEC decisions, and inventory data.
WTI edges higher above $61.50 as US crude oil inventories riseWest Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.70 during the Asian trading hours on Thursday. The WTI gains traction amid a larger-than-expected crude inventory build. However, easing geopolitical tensions in the Middle East might cap its upside.
Energy Prices Could Finally Fall in 2026Market Analysis by covering: Brent Oil Futures, Crude Oil WTI Futures, Natural Gas Futures. Read ‘s Market Analysis on Investing.com
WTI Price Forecast: Struggles below $61.00, bearish bias remainsWest Texas Intermediate (WTI) US Crude Oil prices extend the previous day’s pullback from the vicinity of mid-$62.00s, or the weekly top, and remain depressed for the second straight day on Friday.
