The Euro did rally a bit during the early hours on Monday, but we are starting to see a little bit of heaviness in this market at the moment.
That being said, we still have a long way to go before we can talk about being bearish.
However, we are in a situation where traders are definitely worried about the 1.15 level and whether or not we can break above it.
We’ve recently seen volume spike, drop, and then spike again. When looking at certain oscillators, you can also see divergence. I believe that we may be a little tired at this point and could see a bit of a breakdown. At the same time, I could make the argument that the market is simply going to kill time after this massive run higher. After all, it’s not typical for this pair to move that quickly.
Normal Behavior of Grinding Here
This is a market that generally grinds its way in one direction or the other, often putting traders to sleep. The fact that we had such an impulsive move is a little out of the ordinary. Looking at the longer-term chart, you can see there is a major cluster right here, so it makes sense that we are repeating that pattern.
We had a range from the end of 2022 between 1.12 and 1.05. We broke below it before breaking above it, so from this perspective, the market is showing signs of confusion. If we break down below the 1.12 level, then I think we will return to that consolidation region. However, if we break above 1.15, then we could go looking to the 1.18 level. All things being equal, I think in the short term we’ve got a lot of sideways action ahead of us.
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.
Platinum price succeeded to resume the bullish attack yesterday, reaching the last target at $1223.00, facing 2.610% Fibonacci extending level, forming a significant resistance against detecting the main trend in the upcoming trading.
The stability below this resistance and stochastic exit from the overbought level, we expect forming some bearish correctional wave that might target $1180. 00 level reaching extra support at $1162.00, while breaching the resistance and holding above it will reinforce the chances for achieving extra gains that might extend to $1240.00 reaching the main bullish channel’s resistance at $1255.00.
The expected trading range for today is between $1185.00 and $1225.00
The Japanese yen the British pound has pulled bank of it against the Japanese yen during trading on Monday, but it is still fairly close to the overall resistance barrier.
It does look like buyers are trying to lift it up.
I think this is an interesting pair to watch because right around the 196.50 yen level there is a significant amount of resistance.
It being broken to the upside could open up the possibility of a move to the 199 yen level short-term pullbacks. I think we continue to see a lot of support near the 195 yen level which is of course a large round psychologically significant figure. If we break down below there then the market is likely to go looking to the 50 day EMA closer to the 193 yen level.
Looking to Buy the Dip?
In general, I think you’ve got a situation where traders are looking to buy the dip, mainly due to interest rate differential. The fact that we’ve recently shown that the Japanese bond market is a bit of a train wreck just waiting to happen. There’s been multiple days there’s been nobody willing to buy Japanese government debt. That is a disaster just waiting to happen. the Bank of Japan almost certainly is going to have to step in and do a bit of quantitative easing before this is all said and done.
I think what you’ve got in front of you is a chart that expresses this. If we can break out to the upside, I believe that not only is the 199 yen level possible, but we may even go all the way to the 200 yen level. It’s not until we break down below the 200 day EMA, presently near the 192.50 Yen level, that I’d be concerned about the bullish attitude of this pair.
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.
The US Dollar picks up strong bids early Tuesday amid USD/JPY rebound, trade optimism.
Gold buyers stay hopeful until the 21-day SMA and RSI midline hold fort.
Gold price is back to testing the $3,300 threshold early Tuesday amid resurgent US Dollar (USD) demand. However, traders continue to maintain caution, watching the US-China trade talks in London.
Gold price awaits more US-China London trade talks
Bloomberg reported that trade talks between the United States (US) and China will continue into a second day after the first day of talks were fruitful, per US Commerce Secretary Howard Lutnick.
US President Donald Trump said late Monday that “China is not easy but we are doing well with China,” giving no specifics on the key contention topics of shipments of technology and rare earth elements.
Alongside the US-China trade optimism, the latest leg down in Gold price is fuelled by a solid rebound in the US Dollar (USD).
The Greenback is mainly driven by the upswing in the USD/JPY pair after the Japanese Yen (JPY) tumbled on Bank of Japan (BoJ)Governor Kazuo Ueda’s cautious remarks on the interest rates outlook.
Ueda said: “We will raise interest rates if we have enough confidence that underlying inflation nears 2% or moves around 2%.”
The further upside in the Greenback will likely remain limited as traders refrain from placing fresh bets before any decisive outcome from day 2 of US-China trade talks in London.
Markets will also look forward to Wednesday’s US Consumer Price Index (CPI) data for fresh direction on the USD and Gold price.
On Monday, the latest Survey of Consumer Expectations conducted by the Federal Reserve (Fed) Bank of New York showed that the year-ahead inflation expectation decreased to 3.2% in May from 3.6% in April.
Gold price technical analysis: Daily chart
There are no changes to the short-term technical outlook for Gold price so long as the critical $3,297 level is defended.
That level is the confluence of the 21-day Simple Moving Average (SMA) and the 38.2% Fibonacci Retracement (Fibo) level of the April record rally.
Further, the 14-day Relative Strength Index (RSI) has managed to hold its ground above the midline, currently near 51, supporting the bullish bias.
Gold sellers need a daily candlestick closing below the abovementioned strong support at $3,297 to challenge the 50-day SMA cap at $3,262.
The last line of defense for buyers is aligned at $3,232, the 50% Fibo level of the same ascent.
On the flip side, Gold buyers will likely find strong offers at the $3,350 psychological level if the rebound gathers strength.
The next resistance is spotted at the 23.6% Fibo resistance at $3,377, above which the May high of $3,439 could be threatened.
(This report was corrected on June 10 at 04:03 GMT to say that “Gold price is back to testing the $3,300 threshold early Tuesday,” not Thursday.)
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.
Since there was a failed upside breakout of consolidation on Friday, and it was followed by a drop below the low of the consolidation price range on the next day, the small consolidation pattern may have expanded into a potential broadening formation. Notice that the 50-Day MA was last reclaimed on June 2 with a sharp advance, and it followed a failed breakout of the 50-Day line several days earlier.
Therefore, if weakness persists the 50-Day line marks a key potential support level. Currently it is at $3.51, and it has converged with the 20-Day MA. So, they each represent the same price. Further, an AVWAP level starting from the April swing low (A) is at $3.50 and a weekly low is also at $3.50.
Strong Support at $3.50
When multiple indicators point to a similar price level, that area of price can take on potentially greater significance. Either by drawing price towards it like a magnet or repelling price and exhibiting signs of strong support. Moreover, if the price zone fails to hold as support, a breakdown could lead to downside momentum spiking, as the chance of an eventual resolution to the upside diminishes. The weekly low in natural gas is most significant as it is part of the weekly bullish price structure.
Weekly Patterns
Last week was an inside week and it followed a potentially bearish shooting star candlestick pattern the week before. Since last week’s high did not exceed the prior week’s high, natural gas remains prone to potential downside risk warned by the shooting star. But it also has potentially strong support not far below from current prices. Further consolidation before natural gas makes another attempt to rise above the May swing high (B) at $3.84, might make that breakout more successful, if it does occur. But only if it stays above last week’s low of $3.50.
For a look at all of today’s economic events, check out our economic calendar.
Last week, silver broke out to a new trend high and confirmed the breakout on a weekly basis, as the week ended above the $34.87 breakout level. There has only been one week up since an inside week breakout triggered last week. That led to the spike in bullish momentum and a decisive rally to new trend highs. The $37.05 potential target is the initial completion of a rising ABCD pattern that started from the April swing low (A).
Rapidly Approaching $37.05
Might silver continue to rise above $37.05? Given the bullish momentum of the past few days, it looks possible. However, the next upside target recognized by the confluence of several price levels is up at $38.46 to $38.61. That area may act like a magnet for price, but it may be too far to go before at least a pause or minor correction of some degree first. Notice that there is also a trend channel line that represents potential resistance above $37.05.
Bullish Measured Moves
As of today’s high, the price of silver was up by $8.58, or 30.1%, from the April swing low at $28.32. On a percentage basis, that measured move shows a relationship with the two prior strongest rallies since February 2024. However, each showed slightly stronger performance than the current advance, so far. From August 2024 there was a 31.7% rise and from February 2024 the price of silver rose by 35.9% before seeing a more significant pullback.
Buyers In Charge Unless $35.91 Support Fails
Monday’s higher daily low at $35.91 I near-term support for silver. The near-term uptrend is retained above that price level, while a drop below it could lead to a deeper retracement. Although there are potential upside price targets discussed above, they are only a guide as to what might happen. New price action needs to be consistently assessed to identify changing support and demand dynamics. The next decision point will be whether resistance is seen around $3.05, or whether there are signs of an upside breakout, and therefore a continuation of the bull trend.
For a look at all of today’s economic events, check out our economic calendar.
EUR/JPY trades at 165.16, up 0.06% early Tuesday, extending 4-day rally.
RSI favors buyers, but lack of momentum points to wait-and-see mode.
Break above 165.30 could expose Nov. 6 high at 166.09, then 167.00.
Drop below 165.00 opens path to support at 164.03 and 163.60.
EUR/JPY prolongs its rally to four straight days as Tuesday’s Asian session begins. At the time of writing, the cross-pair exchange hands at 165.16, up 0.06%, and is up 0.09% in the week so far.
EUR/JPY Price Forecast: Technical outlook
The EUR/JPY is neutral to upward biased, but so far, it has remained trapped within the 164.50-165.30 range for the last three days, indicating a lack of conviction among buyers and sellers regarding the cross-pair. Momentum-wise, the Relative Strength Index (RSI) suggests that buyers are in control but are taking a respite, awaiting a fresh catalyst.
If EUR/JPY clears the year-to-date high, this would pave the way for a test of the November 6 high at 166.09. Once surpassed, the next stop would be 167.00. On the other hand, if EUR/JPY tumbles beneath the 165.00 mark, look for a test of the Tenkan-sen at 164.03, followed by the Senkou Span A at 163.60.
EUR/JPY Price Chart – Daily
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Canadian Dollar.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
-0.01%
-0.02%
0.01%
-0.02%
-0.01%
-0.05%
-0.03%
EUR
0.00%
-0.00%
0.00%
0.02%
0.00%
-0.03%
0.00%
GBP
0.02%
0.00%
-0.06%
0.02%
0.02%
-0.03%
0.01%
JPY
-0.01%
0.00%
0.06%
-0.01%
-0.06%
-0.14%
-0.12%
CAD
0.02%
-0.02%
-0.02%
0.00%
-0.01%
-0.05%
-0.01%
AUD
0.01%
-0.01%
-0.02%
0.06%
0.00%
-0.03%
-0.01%
NZD
0.05%
0.03%
0.03%
0.14%
0.05%
0.03%
0.04%
CHF
0.03%
-0.00%
-0.01%
0.12%
0.00%
0.00%
-0.04%
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).
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China reported a trade surplus of $103.22 billion in May, export and imports plunged.
The United States will release the May Consumer Price Index next Wednesday.
XAU/USD recovers from sub-$3,300, buying pressure is modest.
Spot Gold hovers near $3,330 a troy ounce, posting a modest intraday advance at the beginning of the week. XAU/USD recovered from an early low at $3,293.51 and advances after Wall Street’s opening amid renewed US Dollar (USD) weakness and a cautious mood.
Market players await news from trade talks as the United States (US) and China resumed negotiations. Top representatives from Washington and Beijing gather in London to discuss next steps. In the meantime, the Wall Street Journal reported market talks indicating US President Donald Trump authorized Treasury Secretary Scott Bessent to negotiate lifting some of the recent restrictions on a variety of products to China. Trump’s goal is to clinch a deal on rare earth minerals coming from China.
Earlier in the day, China reported a Trade Balance surplus of $103.22 billion in May, with Exports slowing to 4.8% year-on-year (YoY) down from the 8.1% posted in April. Imports shrank even further, down by 3.4% in the same period after shedding 0.2% in the year to April 2025.
Meanwhile, a holiday in Europe kept most pairs within familiar levels on Monday, with the bright metal being no exception. In fact, the macroeconomic calendar has little to offer until Wednesday, when the US will publish the May Consumer Price Index (CPI). Financial markets anticipate a modest uptick in the annual reading, not enough to twist the Federal Reserve’s (Fed) monetary policy stance,
XAU/USD short-term technical outlook
From a technical point of view, the daily chart for the XAU/USD pair shows it bounced from around a flat 20 Simple Moving Average (SMA) at $3,295, while the 100 and 200 SMAs maintain their strong bullish slopes far below the shorter one, in line with the dominant upward trend. At the same time, the Momentum indicator eases within positive levels, reflecting the limited buying interest rather than suggesting a steeper decline ahead. The Relative Strength Index (RSI) indicator hovers at around 52, failing to provide clear directional clues, yet overall suggesting sellers are not interested.
In the near term, XAU/USD aims to extend its recovery, but lacks conviction. The 4-hour chart shows technical indicators recovering within negative levels, still below their midlines. At the same time, the pair is developing below a mildly bearish 20 SMA, yet a mildly bullish 100 SMA advances beyond the 200 SMA while providing near-term support at around $3,3310.
Silver price gains momentum to near $36.00 in Monday’s early early Monday
Investors look to broaden their exposure to safe-haven assets beyond gold, supporting the Silver price.
The stronger US May employment report might lift the USD and cap the white metal’s upside.
The Silver (XAG/USD) price trades in positive territory around $36.00 during the Asian session on Monday. The white metal edges higher despite the stronger-than-expected US employment data for May. Later on Monday, investors will closely watch the developments surrounding US-China trade talks.
Geopolitical and economic uncertainty could provide some support to the Silver price as investors seek more holdings in safe-haven assets. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer are set to speak with Chinese officials about trade talks.
Furthermore, industrial demand for applications such as solar panels contributes to the Silver’s upside. The Silver Institute estimated the metal’s supply was 15% below demand in 2024 and is projected to see another deficit in 2025.
On the other hand, the upbeat US May employment report gave the US Federal Reserve (Fed) a way to caution ahead of US-China trade talks, which are set to take place in London later in the day. This, in turn, might boost the Greenback and weigh on the USD-denominated commodities price. Federal Fund Futures pointed to a larger possibility that the Fed may keep its benchmark interest rate steady until the September monetary policy meetings.
(This story was corrected on June 9 at 06:55 GMT, to say in the third paragraph that industrial demand for applications such as solar panels contributes to the Silver’s upside, not the USD’s upside.)
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
