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Zforexanalysis

Pound Drops to $1.29 After Unexpected ContractionThe British pound fell to $1.29 after UK GDP unexpectedly shrank by 0.1% in January, missing forecasts of 0.1% growth, mainly due to weakness in the production sector. The Bank of England recently cut its Q1 growth forecast to 0.1% from 0.4%, with rates expected to stay at 4.5% in next week’s policy decision. Markets also await Chancellor Rachel Reeves' fiscal plans and the OBR’s economic outlook on March 26. Meanwhile, US economic concerns and trade tensions have limited the pound’s losses. If GBP/USD breaks above 1.2980, the next resistance levels are 1.3050 and 1.3100. On the downside, support stands at 1.2860, with further levels at 1.2760 and 1.2660 if selling pressure increases. 
by ChartMage
Euro Climbs on German Deal, Awaits Fitch RatingThe euro climbed toward $1.09, nearing its highest since early November, as Germany agreed on debt reform and increased spending. Chancellor-elect Friedrich Merz secured a deal with the Green and Social Democrat parties ahead of next week’s parliamentary vote. Markets await Fitch’s rating decision on France, which is due after Friday’s close. Meanwhile, trade tensions rose as Trump threatened a 200% tariff on European wines in response to the EU’s tax on American whiskey. On geopolitics, Trump called his talks with Putin on Ukraine “very good,” expressing optimism for a resolution. Key resistance is at 1.0950, followed by 1.1000 and 1.1050. Support stands at 1.0800, with further levels at 1.0730 and 1.0650.  
by ChartMage
Yen Gains on Rate Hike ExpectationsThe Japanese yen traded around 148.6 per dollar on Monday, near a five-month high, as expectations for BOJ rate hikes remained strong. However, the central bank is expected to keep its policy unchanged in this week’s meeting. Major Japanese firms approved wage hikes for the third year, boosting consumer spending and inflation, and potentially allowing future rate increases. The yen also gained from dollar weakness as US economic concerns and trade policies pushed investors toward safe-haven currencies like the yen and Swiss franc. Key resistance is at 149.20, with further levels at 152.00 and 154.90. Support stands at 147.00, followed by 145.80 and 143.00. 
by ChartMage
Silver Holds Near $33.80 as Fed Rate Cut Bets Provide SupportSilver edged lower to approximately $33.80 during early Asian trading on Friday, losing momentum. However, the downside may remain limited, as softer U.S. consumer and producer inflation data could provide room for the Federal Reserve to consider an interest rate cut in June, offering some support for the metal. Additionally, concerns over U.S. President Donald Trump's protectionist policies potentially pushing the world's largest economy into a recession could further support silver's appeal. If silver breaks above $34.00, the next resistance levels are $34.85 and $35.00. On the downside, support is at $33.80, with further levels at $33.15 and $32.75 if selling pressure increases. 
FOREXCOM:XAGUSD
by ChartMage
Gold Rallies Past $2,980 as Trade and Inflation Risks MountGold surged above $2,980 per ounce on Friday, hitting a record high and poised for a 2% weekly gain amid risk aversion and rising Fed rate cut expectations. Trump escalated trade tensions, threatening a 200% tariff on European wines after the EU imposed a 50% tax on U.S. whiskey. February's PPI and CPI data signaled easing inflation, increasing Fed flexibility for rate cuts and boosting gold’s appeal. Strong ETF inflows and continued central bank purchases, with China extending its buying for a fourth month, further supported prices. Key resistance stands at $2,985, with further levels at $3000 and $3,050. Support is at $2,930, followed by $2,900 and $2,860.  
EIGHTCAP:XAUUSD
by ChartMage
Euro Weakens Against USD Ahead of Key Economic DataThe EUR/USD pair declined to around 1.0835 during Friday’s Asian session, as the Euro (EUR) weakened against the US Dollar (USD) amid rising trade tensions between the U.S. and the European Union. Later in the day, market focus will shift to key economic releases, including Germany’s February Harmonized Index of Consumer Prices (HICP) and the preliminary Michigan Consumer Sentiment Index for March. Key resistance is at 1.0950, followed by 1.1000 and 1.1050. Support stands at 1.0800, with further levels at 1.0730 and 1.0650.  
by ChartMage
Yen Slips Against USD as Tariff Concerns Increase the DollarThe yen fell below 148 per dollar on Friday, reversing gains as trade tensions increased the dollar. Trump reaffirmed plans for reciprocal tariffs starting April 2. Despite this drop, the yen remains near a five-month high, backed by expectations of BOJ rate hikes. Japanese firms agreed to wage increases for a third year, aiming to offset inflation and labor shortages. Higher wages may spur spending and inflation, giving the BOJ room for future hikes. While rates are expected to remain unchanged next week, policymakers may pursue hikes later this year. Key resistance is at 149.20, with further levels at 152.00 and 154.90. Support stands at 147.00, followed by 145.80 and 143.00. 
by ChartMage
Recession Fears Extend Silver RallySilver is trading around $33.30 per ounce during Thursday's Asian session, maintaining its upward momentum for the third consecutive session. The precious metal is benefiting from increased safe-haven demand, supported by rising trade tensions and concerns over a potential US recession. If silver breaks above $32.75, the next resistance levels are $33.15 and $33.80. On the downside, support is at $31.00, with further levels at $30.20 and $29.75 if selling pressure increases.
FOREXCOM:XAGUSD
by ChartMage
EUR/USD Drops, Awaits US PPIEUR/USD fell to around 1.0880 in Thursday’s Asian session, pressured by rising US-EU trade tensions. Market focus is on key US data, including February’s PPI and weekly jobless claims. Trump warned of retaliation against the EU’s response to his 25% steel and aluminum tariffs. The European Commission announced €26 billion ($28.4 billion) in counter-tariffs on US goods, effective April 1, with more expected mid-April. Despite trade risks, EUR/USD’s downside may be limited as concerns over Trump’s policies fueling a US recession weigh on the dollar. Inflation data came in lower than expected, easing market fears but keeping sentiment fragile. Key resistance is at 1.0950, followed by 1.1000 and 1.1050. Support stands at 1.0800, with further levels at 1.0730 and 1.0650. 
by ChartMage
Bitcoin Drops 27% from Record High Amid Market SelloffBitcoin fell to $78,000 on Monday, down 27% from its all-time high, as crypto and stock markets lost a combined $6 trillion. Crypto market capitalization dropped 4% to $2.67 trillion, its lowest since November 9, shedding $1.2 trillion since December 17. Bitcoin hit a multi-month low, falling from its January peak of $107,000. Stocks mirrored the decline, with the S&P 500 losing $1.4 trillion—its worst single-day drop since 2022. The sharp selloff reflects a shift from risk assets, with the Fear and Greed Index plunging to 14, a two-year low, signaling extreme risk aversion. This contrasts with last year’s post-Trump election rally, where the index peaked at 92. Technically, the first support for BTC is at $78k, with subsequent levels at FWB:73K and $65k. On the upside, the initial resistance is at GETTEX:89K , followed by $95k and $100k.
BITSTAMP:BTCUSD
by ChartMage
Gold Strengthens on Trade Tensions and Safe-Haven DemandGold prices climbed toward $2,900 per ounce on Tuesday, supported by a weaker U.S. dollar and rising safe-haven demand amid economic uncertainty and escalating trade tensions. President Trump acknowledged recession risks after the U.S. delayed 25% tariffs on Canada and Mexico, while China imposed new tariffs on U.S. agricultural goods. Meanwhile, Fed Chair Jerome Powell cited economic concerns but ruled out immediate rate cuts. Investors are now awaiting U.S. inflation data for further guidance on the Fed’s policy outlook. Key resistance stands at $2,923, with further levels at $2,955 and $3,000. Support is at $2,860, followed by $2,830 and $2,790.
EIGHTCAP:XAUUSD
by ChartMage