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British Pound Slips to One-Month LowGBP/USD briefly climbed to 1.3560 in early European trading, supported by dollar softness and anticipation of upcoming speeches from BoE Governor Bailey and Fed Chair Powell. However, the pair remains under pressure, as market doubts linger around the ceasefire’s durability, especially after new missile activity by Israel’s IDF. Fed rate cut expectations continue to build: odds for July are now at 23%, and 78% for September, fueled by dovish remarks from Governor Bowman. Resistance is seen at 1.3600, while support holds at 1.3500.
by ChartMage
EUR/USD Hits Weekly High as Ceasefire Weakens DollarEUR/USD climbed to a fresh weekly high near 1.1610 during late Asian trading on Tuesday, boosted by a sharp sell-off in the US Dollar following the announcement of a ceasefire between Israel and Iran by President Donald Trump. The truce improved market risk appetite and dampened demand for traditional safe havens like the US Dollar. As a result, the US Dollar Index (DXY) dropped steeply from Monday’s two-week high of 99.42 to around 98.10. The dollar also came under pressure from shifting expectations around Fed policy. On Monday, Fed Governor Michelle Bowman signaled support for a potential rate cut as early as the July meeting, citing rising concerns over the labor market. “We should put more weight on downside risks to the job market,” she stated, adding that it's time to consider adjusting the policy rate. Her dovish tone nudged up expectations for a July rate cut, with CME FedWatch data showing the probability rising from 14.5% on Friday to 22.7%. In the Eurozone, ECB officials expressed concerns over the region’s economic outlook, particularly considering new US tariff policies. President Christine Lagarde, in remarks to the European Parliament, warned that inflation staying near the 2% target is uncertain and noted that survey data points to “some weaker prospects for economic activity in the near term.” She added that risks to growth remain “tilted to the downside.” Resistance is located at 1.1630, while support is seen at 1.1530.
by ChartMage
GBP/USD Weakens Ahead of PMI ReleasesGBP/USD fell to around 1.3405 during Monday’s Asian session as safe-haven flows strengthened the US dollar amid rising Middle East tensions. Fears of Iranian retaliation after US airstrikes on three nuclear sites lifted demand for the Greenback. Trump said Iran’s facilities were “totally obliterated” and warned of stronger attacks unless peace is reached. Iran vowed to respond, saying it “reserves all options.” Investors await June PMI data from the UK and US due later Monday. The Pound remains under pressure after UK retail sales dropped 2.7% MoM in May, well below the expected 0.5% decline and April’s revised 1.3% gain. The BoE held rates at 4.25% last Thursday. Governor Bailey said rates are on a gradual downward path but warned of global unpredictability. Reuters expects 25 bps cuts in both August and Q4. Resistance is seen at 1.3500, while support holds at 1.3415.
by ChartMage
Trump’s Strike on Iran Lifts Dollar, Weighs on EuroEUR/USD dipped to around 1.1480 in early Asian trading Monday as the dollar strengthens following President Trump’s decision to join Israel’s war on Iran, escalating the conflict. Over the weekend, US forces struck three Iranian nuclear sites; Fordo, Natanz, and Isfahan. Trump claimed the facilities were “totally obliterated” and warned of harsher attacks unless Iran seeks peace. The escalation supports safe-haven demand for the dollar, pressuring EUR/USD. Meanwhile, the ECB cut rates for the eighth time this year but signaled a pause in July. President Lagarde said cuts are nearing an end, which may help limit euro losses. Resistance is located at 1.1530, while support is seen at 1.1450
by ChartMage
Yen Falls Despite Japan’s Manufacturing ReboundThe yen fell past 146 on Monday, its lowest in over five weeks, as the US dollar gained on safe-haven demand after US airstrikes on Iranian nuclear sites escalated Middle East tensions. Domestically, Japan’s manufacturing sector grew in June for the first time since May 2024, and services expanded for a third straight month, showing economic resilience. The key resistance is at $148.15 meanwhile the major support is located at $146.15.
by ChartMage
Silver Pulls Back After Multi-Year HighSilver fell 2% to $35.60 per ounce, marking its third straight session in the red. The decline followed a powerful rally to 13-year highs, as traders took profits and sold off precious metals to offset losses from geopolitical turmoil. The Fed’s steady-rate stance and warning on inflation risks tied to Trump’s new tariffs also weighed on sentiment. Adding pressure, a massive metals discovery in Argentina was confirmed, estimated to contain over 80 million ounces of gold and silver, one of the largest finds in decades. First resistance is at 37.50, while support starts at 35.40.
FOREXCOM:XAGUSD
by ChartMage
Gold Falls as Mideast Tensions RiseGold dropped below $3,360 per ounce, hitting a one-week low and on track for its first weekly decline in three. Investors trimmed holdings to cover losses in other markets, with risk sentiment shaken by the intensifying conflict between Israel and Iran. Israeli strikes reportedly targeted key sites in Tehran following an Iranian missile strike on an Israeli hospital. Uncertainty also surrounds the US response, with President Trump weighing direct military action. A decision is expected within two weeks. Despite the Fed holding rates steady and signaling two potential cuts this year, Chair Powell cautioned that tariffs could push inflation higher. New Fed projections flagged slower growth, higher prices, and weaker job markets in 2025. This could limit rate cuts, dampening gold’s appeal as a non-yielding asset. Resistance is seen at $3,370, while support holds at $3,316.
EIGHTCAP:XAUUSD
by ChartMage
EUR/USD Slips as Fed Stays HawkishEUR/USD hovered near 1.1520 during Friday’s Asian session, extending gains for a third day as the US dollar weakened, likely due to a technical pullback. However, the greenback may rebound as safe-haven demand grows amid rising tensions between the US and Iran. Citing senior US intelligence, The New York Times reported that Iran hasn’t yet decided to pursue nuclear weapons, despite having enriched uranium reserves. Meanwhile, the Senate Intelligence Committee Chair said President Trump is set to offer Iran one final window to negotiate before considering military action, potentially delaying any decisions for up to two weeks. Markets are also awaiting Friday’s Monetary Policy Report from the Federal Reserve, which will provide fresh insights into the Fed’s stance. On the Euro side, the ECB’s hawkish outlook offered additional support, with President Christine Lagarde suggesting rate cuts may soon end as the central bank remains “well positioned” to handle persistent risks. Resistance is located at 1.1530, while support is seen at 1.1450
by ChartMage
Yen Edges Higher as Inflation SurgesThe Japanese yen traded stronger near 145 per dollar, rebounding as Japan’s core inflation rose for the third straight month to 3.7%, its highest since January 2023. The data strengthens expectations that the Bank of Japan may continue policy tightening. Earlier in the week, the BOJ held rates at 0.5% but highlighted how rising wages are being passed on to consumers, keeping inflation elevated. Governor Kazuo Ueda emphasized a data-driven path forward, keeping the door open for more hikes if needed. The key resistance is at $145.30, while the major support is located at $142.50.
by ChartMage
Silver Consolidates After Hitting Multi-Year HighSilver holds near $36.75 in Thursday’s Asian session, steady after a slight pullback from its highest level since February 2012. The trend remains bullish, suggesting more upside. A sustained move above $36.45–$36.50 confirmed a breakout from a descending channel, forming a bullish flag. The RSI has eased from overbought, and momentum indicators support a positive near-term outlook. The first resistance is seen at 37.50, while the support starts at 35.40.
FOREXCOM:XAGUSD
by ChartMage
BoE in Focus as GBP/USD Nears 1.3410GBP/USD remains under pressure for a third day, trading near 1.3410 in Thursday’s Asian session, as safe-haven demand strengthens the US Dollar amid Israel-Iran tensions. The BoE is expected to hold rates at 4.25% today. UK inflation eased to 3.4% in May from 3.5%, in line with forecasts but still above the 2% target. Markets still price in about 48 basis points of BoE cuts by year-end. Resistance is seen at 1.3440, while support holds at 1.3260.
by ChartMage
EUR/USD Slips as Fed Stays HawkishEUR/USD fell toward 1.1465 in Thursday’s Asian session, pressured by a risk-off mood as Middle East tensions rise. The focus shifts to speeches from ECB officials Lagarde, Nagel, and de Guindos for further guidance. On Wednesday, the Fed held rates at 4.25%–4.50% and signaled a slower pace of cuts, citing inflation risks from Trump’s new tariffs. The FOMC still projects two cuts in 2025 Bloomberg reported the US may strike Iran in the coming days, raising safe-haven demand for the dollar and adding pressure on the euro. ECB’s Lagarde said rate cuts are nearly done and that the ECB is well-positioned to manage current uncertainties. Resistance is located at 1.1475, while support is seen at 1.1415
by ChartMage
Yen Slips as Fed Holds and Risks MountThe yen weakened past 145 on Thursday, nearing a three-week low as the stronger U.S. dollar gained support from the Fed’s steady rate decision and cautious outlook. Concerns over Trump’s tariffs and Middle East tensions increased safe-haven demand for the dollar over the yen. The BOJ also kept rates unchanged Tuesday and signaled a gradual asset reduction. Governor Ueda noted that rate hikes remain possible if inflation rises. The key resistance is at $145.30 meanwhile the major support is located at $142.50.
by ChartMage
EUR/USD Pressured by Safe-Haven Dollar DemandEUR/USD traded near 1.15 on Wednesday, under pressure from safe-haven demand for the U.S. dollar as Middle East tensions escalated. Fears of broader conflict involving the U.S. kept the dollar firm. Markets await the Federal Reserve’s policy decision, with rates expected to stay unchanged, though guidance may shape future expectations. The euro remained weak, burdened by Europe’s energy import exposure amid rising oil prices. Resistance is located at 1.1580, while support is seen at 1.1460.
by ChartMage
Silver Gains on Tensions, Eyes on FedFriday’s strong U.S. data may support the dollar, as the University of Michigan’s Consumer Sentiment Index rose to 60.5 in June from 52.2, beating forecasts of 53.5 and marking the first gain in six months. Geopolitical tensions continue to drive safe-haven demand, especially for silver. Israel struck Iranian nuclear and missile sites Friday, killing military officials. On Sunday, Iran began its fourth phase of response, warning of firm retaliation to further Israeli actions. Markets now turn to Wednesday’s Fed meeting. While rates are expected to stay unchanged, futures still price in two cuts this year, possibly starting in September, supported by last week’s soft inflation data. Resistance is set at 36.90, while support stands at 35.40.
FOREXCOM:XAGUSD
by ChartMage
Safe-Haven Demand Lifts Gold Above $3,440Gold rose to around $3,440 per ounce on Monday, staying near April’s record highs, as escalating Middle East tensions increased safe-haven demand. Weekend clashes between Israel and Iran raised fears of broader conflict. Markets now look ahead to upcoming central bank meetings, especially the U.S. Federal Reserve. While rates are expected to remain unchanged, investors are watching for signals on future cuts. Last week’s weaker inflation data has increased expectations for a potential rate cut by September. Traders are also awaiting details on President Donald Trump’s upcoming tariff decisions, expected in the coming weeks. Resistance is seen at $3,430, while support holds at $3,392.
EIGHTCAP:XAUUSD
by ChartMage
Pound Stable as Markets Eye BoE, Fed MovesGBP/USD remains below Friday’s three-year high, trading around the mid-1.3500s in a narrow range during Monday’s Asian session. The pair shows limited downside as traders await a busy week of key data and central bank decisions. Markets are watching the UK CPI on Wednesday and the Bank of England’s policy announcement on Thursday, both crucial for the Pound. The US Federal Reserve will also decide on rates Wednesday, likely guiding the dollar’s short-term path. Friday’s UK GDP showed a 0.3% contraction in April, increasing bets on faster BoE rate cuts. The USD is supported by safe-haven flows due to Middle East tensions, though soft US inflation data has raised expectations for Fed cuts by September. A broadly positive global risk mood is offering some support to GBP/USD. Resistance is at 1.3600, with support around 1.3425.
by ChartMage
Stronger Dollar Pressures Yen on Geopolitical RisksThe Japanese yen fell past 144.2 per dollar on Monday, marking a second day of losses, as the U.S. dollar strengthened on increased safe-haven demand. This followed renewed conflict between Israel and Iran, with both sides targeting energy facilities and pushing oil prices higher. The rise in energy costs may reduce the chances of a near-term Fed rate cut as inflation and trade risks persist. Meanwhile, focus turns to the Bank of Japan’s upcoming policy meeting, where it is expected to keep rates unchanged while assessing the inflation impact of rising oil prices amid global uncertainty. Resistance is at 145.30, while support stands near 142.50.
by ChartMage
Rate Cut Bets Keep Silver in FocusSilver slipped toward $36 per ounce as investors locked in gains after hitting a 13-year high. The metal remains supported by strong industrial demand, supply deficits, and safe-haven interest during global uncertainty. Industrial uses, especially in solar and electronics, account for over half of the demand. A fifth consecutive annual supply deficit is expected, though the Silver Institute sees the gap narrowing by 21% in 2025. Softer U.S. inflation data for May also increased expectations of Fed rate cuts beginning in September, helping sustain interest in precious metals. Resistance is set at 36.90, while support stands at 35.40.
FOREXCOM:XAGUSD
by ChartMage
Gold Surges Amid Middle East TensionsGold surged more than 1% to exceed $3,440, approaching record levels amid a sharp rise in safe-haven demand. The gains came after Israel's strike on Iran’s nuclear facilities, fueling concerns over a wider regional conflict. Uncertainty surrounding potential US tariffs added to market jitters. Additionally, softer US inflation data increased expectations for Federal Reserve rate cuts, enhancing gold's appeal as a non-yielding asset. Resistance is seen at $3,430, while support holds at $3,350.
EIGHTCAP:XAUUSD
by ChartMage
EUR/USD Slips on Geopolitical TensionsEUR/USD dropped to around 1.1530 on Friday, ending a four-day rally, as safe-haven demand lifted the US Dollar amid rising Middle East tensions. Israel struck Iranian targets to weaken its nuclear program, prompting emergency measures. The US denied involvement but warned Iran not to target its assets. Trump’s plan to expand steel tariffs from June 23 added trade uncertainty, while soft US inflation data kept Fed rate cut hopes alive. Markets now await the US Michigan Sentiment report for further signals. Resistance is located at 1.1580, while support is seen at 1.1460.
by ChartMage
ECB Signals More Action as Eurozone Outlook WaversECB Signals More Action as Eurozone Outlook Wavers EUR/USD rebounded to near 1.1370 in Monday’s Asian session as the US Dollar weakened after legal shifts in tariff rulings. On Thursday, the US Court of Appeals backed Trump’s tariff policy, overturning Wednesday’s lower court decision that had declared his April 2 executive orders unlawful. Trade tensions escalated as Trump announced plans to double tariffs on steel and aluminum imports to 50%. In response, the European Commission warned it would retaliate, despite both sides agreeing to accelerate talks after extending the EU tariff deadline to July 9. Meanwhile, Eurozone economic concerns persist. ECB’s Klaas Knot cited inflation uncertainty, while François Villeroy de Galhau said policy normalization is likely not finished, suggesting more action ahead. The key resistance is located at 1.1460 and the first support stands at 1.1300.
by ChartMage