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Stronger U.S. Data Pressures Gold PricesGold remained below $3,340 per ounce on Friday and was on track for its first weekly decline in three weeks. The metal faced pressure after stronger U.S. data, including a rebound in retail sales and a sharp drop in jobless claims, reduced the immediate need for Federal Reserve rate cuts. Fed Governor Adriana Kugler backed keeping rates steady for now, pointing to economic resilience, while San Francisco Fed President Mary Daly maintained her outlook for two cuts in 2025. Resistance is at $3,370, while support holds at $3,320.
TVC:GOLD
by ChartMage
Silver Holds Ground on Fed Inflation WarningsSilver is hovering near $38 during Thursday’s Asian session as markets digest U.S.-EU trade developments and Fed inflation commentary. President Trump said deals with the EU and India are within reach, softening immediate trade fears. Still, the potential August 1 tariffs and inflationary risks continue to support silver’s appeal as a safe-haven asset. Fed officials Williams and Bostic noted that although tariff impacts are modest now, they expect rising inflationary pressure in the coming months. Resistance is at 38.50, while support holds at 37.20.
FOREXCOM:XAGUSD
by ChartMage
Euro Slips, Brussels Stalls RetaliationEUR/USD is pulling back toward 1.1620 in Thursday’s Asian session as markets await Eurozone HICP data, with eyes on US June retail sales later in the day. The dollar stays firm on expectations that the Fed will hold rates at 4.25%-4.50% in July amid tariff-driven uncertainty. President Trump announced plans to notify over 150 countries of a 10% tariff, possibly rising to 15-20%, targeting those with minimal U.S. trade ties. He criticized Fed Chair Powell but admitted removing him might destabilize markets, while floating possible trade deals with Europe and India. Strong June CPI has reignited concerns about prolonged high rates. Dallas Fed’s Lorie Logan and New York Fed’s John Williams both warned that tariffs may keep inflation elevated, reinforcing the case for keeping rates steady. Resistance for the pair is at 1.1670, while support is at 1.1580.
by ChartMage
Silver Rebounds Toward $38 as Dollar EasesSilver rebounded toward $38 per ounce on Friday, recovering from a two-day decline as the U.S. dollar and Treasury yields eased. The move reflected shifting sentiment on Fed policy and trade conditions after earlier losses sparked by inflation data that reduced hopes for near-term rate cuts. U.S. stock futures edged higher following record closes for the S&P 500 and Nasdaq, driven by strong retail sales, lower jobless claims, and optimism in AI-related tech stocks after Taiwan Semiconductor’s positive forecast. On monetary policy, Fed officials remain divided: Mary Daly expects two rate cuts this year, while Adriana Kugler urges caution due to tariff-driven inflation. President Trump reinforced trade tensions by sending letters to over 20 partners setting new tariffs between 20% and 40%. In corporate updates, United Airlines expects stronger earnings in the second half of 2025, and Chevron signaled higher future cash flow as production in its top U.S. oil field nears a plateau. Resistance is at 38.50, while support holds at 37.20.
TVC:SILVER
by ChartMage
Yen Rebounds as Japan Inflation Stays ElevatedThe yen rose to around 148 per dollar on Friday, recovering from the previous day’s decline as markets assessed fresh inflation figures. Japan’s inflation eased slightly to 3.3% in June from 3.5% in May but remained above the Bank of Japan’s 2% target for the 39th straight month. This persistent overshoot has intensified speculation about possible policy tightening by the central bank. Resistance is at 149.30, with major support at 147.50.
by ChartMage
Pound Pressured by Firm Dollar and UK Data ReviewThe British pound held near $1.339 on Friday, its lowest level in eight weeks, as the U.S. dollar strengthened. The dollar reached a three-week high after President Trump confirmed he would not remove Fed Chair Jerome Powell, despite continued criticism of the Fed’s careful stance on rate cuts. In the UK, markets are closely reviewing recent employment and inflation data. While the labor market shows signs of weakness, updated tax records suggest the slowdown may not be as severe as previously thought. Resistance is at 1.3535, while support holds at 1.3380.
by ChartMage
EUR/USD Drops to $1.16 Amid Strong U.S. DataThe euro declined to $1.16 on Thursday, reaching its lowest level in almost a month as the U.S. dollar regained strength. The dollar’s rise followed solid U.S. inflation data and President Trump’s comments suggesting he will keep Fed Chair Jerome Powell in place, reducing expectations for near-term Fed rate cuts. Meanwhile, markets continued to monitor U.S.-EU trade negotiations ahead of the August 1 deadline. Resistance for the pair is at 1.1670, while support is at 1.1580.
by ChartMage
Yen Falls on Weak Trade DataThe Japanese yen weakened to around 148 per dollar on Thursday after disappointing trade data fueled concerns of a technical recession. June’s trade surplus came in at JPY 153.1 billion, well below the JPY 353.9 billion forecast and JPY 221.3 billion from a year earlier. Exports dropped 0.5% YoY, the second straight monthly decline, mainly due to the fallout from U.S. tariffs. These signs have heightened fears of another quarterly contraction for Japan. Resistance is at 147.75, with major support at 146.15.
by ChartMage
Silver Holds Near $36.80 on Tariff FearsSilver remains steady just below $37.00, hovering around $36.80 in Tuesday’s Asian session after a sharp rebound from the $36.15 level seen late Monday. The metal continues to trade in a tight range as conflicting market signals keep traders cautious. Global trade tensions and geopolitical uncertainties, fueled by the U.S.’s upcoming tariffs on multiple countries and its hardline stance against BRICS-aligned nations, have elevated market risk perception. This has sparked a modest uptick in safe-haven demand, offering limited support to silver. The strength of the U.S. Dollar and uncertainty surrounding future interest rate decisions are capping silver’s upside potential. Market participants remain focused on incoming economic data and central bank signals for clearer direction. In the near term, silver is expected to stay volatile and highly reactive to geopolitical and economic headlines. Resistance is at 37.50, while support holds at 35.40.
FOREXCOM:XAGUSD
by ChartMage
GBP/USD Climbs as Trump Targets 14 NationsGBP/USD edged higher to around 1.3630 during Tuesday’s Asian session, posting a modest recovery after two straight days of losses. The British Pound found support as the US Dollar weakened in response to heightened market caution following President Donald Trump’s announcement of new tariff rates targeting 14 countries that have not yet finalized trade agreements with the US. The Trump administration introduced a 25% tariff on imports from Japan and South Korea, warning of further escalation if these countries retaliate. Other nations affected include Malaysia, Kazakhstan, and Tunisia, each facing a 25% tariff, while South Africa will face a 30% tariff. Tariffs on Laos and Myanmar will rise to 40%, Indonesia faces 32%, Bangladesh 35%, and both Thailand and Cambodia will see tariffs of 36%. Additionally, Trump signed an executive order delaying the enforcement of these new tariffs until August 1, allowing more time for negotiations, according to Bloomberg. On social media, Trump issued a firm warning that any country aligning with the anti-American stance of the BRICS bloc would face an extra 10% tariff, stating unequivocally: “There will be no exceptions to this policy.” Resistance is at 1.3640, while support holds at 1.3500.
by ChartMage
EUR/USD at 1.1750 as EU Pushes Trade DealEUR/USD trades around 1.1745 in Tuesday’s Asian session, supported by strong Eurozone retail sales for May. The Euro benefits as the EU aims to finalize a preliminary trade deal with the US this week, seeking to maintain a 10% tariff beyond the August 1 deadline while negotiations continue. The proposed agreement would keep the 10% base tariff but exempt sensitive sectors like aviation and alcohol, which helps lift market sentiment toward the Euro. Eurostat data showed retail sales rose 1.8% year-on-year in May, beating expectations of 1.2% but slowing from April’s 2.7%. Monthly sales fell 0.7%, matching forecasts. Resistance for the pair is at 1.1830, while support is at 1.1730.
by ChartMage
Yen Falls After Trump's 25% Tariff on JapanThe Japanese yen weakened beyond 146 per dollar on Tuesday, hitting a two-week low after President Trump confirmed a 25% tariff on Japanese imports starting August 1, lower than the earlier 35% threat but still above the standard 10%. Japan’s Prime Minister Ishiba pledged to keep negotiating for a favorable outcome. Although Japan’s May current account surplus came in stronger than expected, disappointing wage growth limited hopes for further Bank of Japan rate hikes, adding pressure on the yen. Key resistance is at 146.20; major support at 144.85.
by ChartMage
Silver Holds Near 13-Year High Amid Tariff UncertaintySilver held above $36.80 Friday, near 13-year highs, as renewed trade tensions supported safe-haven demand. Markets grew cautious after Trump announced plans to send tariff letters, and as the House passed his tax and spending bill, expected to widen the deficit by over $3 trillion. Silver’s gains were capped by a surprisingly stronger June US jobs report, which eased recession fears and reduced near-term Fed rate cut pressure. Resistance is at 37.50, while support holds at 35.40.
FOREXCOM:XAGUSD
by ChartMage
Gold Recovers After Two-Week DeclineGold Recovers After Two-Week Decline Gold rose slightly to around $3,330 on Friday, set for a weekly gain as US deficit worries and tariff uncertainties increased safe-haven demand. The House passed Trump’s tax and spending cuts, expected to add over $3 trillion to the deficit in ten years. Trump also said he would begin issuing formal tariff notices Friday. Gold’s gains were capped by strong US jobs data, with 147,000 jobs added in June and unemployment falling to 4.1%, supporting the Fed’s current rate stance. Gold is on track to end the week up over 1%, recovering after two weeks of declines. Resistance is at $3,365, while support holds at $3,300.
EIGHTCAP:XAUUSD
by ChartMage
Pound Holds Gains on UK Fiscal StabilityGBP/USD held around 1.3660 during Friday’s Asian session, marking a second day of consolidation as the dollar weakened on caution over Trump’s planned tariffs. Trump said he would start sending tariff letters Friday, targeting ten countries with rates of 20–30%. The pound was supported after PM Starmer backed Chancellor Reeves, easing market concerns over a possible replacement with looser fiscal policies. The BoE is expected to cut rates in August, likely to 4%, following dovish signals from officials, including Governor Bailey, who said rates should gradually decline as inflation eases. Resistance is at 1.3700, while support holds at 1.3600.
by ChartMage
US Jobs Data Supports Fed Dovish SignalsThe EUR/USD stayed in a narrow range around 1.1760 during Friday’s Asian session, with limited movement as US markets were closed for Independence Day. The US dollar gained modestly after Thursday’s NFP data showed 147,000 new jobs in June, beating the expected 110,000. However, private sector job growth slowed, adding only 74,000 jobs in June versus a three-month average of 115,000. This trend supports Fed officials like Vice Chair Bowman, who recently called for rate cuts due to labor market risks. Resistance for the pair is at 1.1830, while support is at 1.1730.
by ChartMage
Japan Seeks US Deal as Tariff Deadline NearsThe yen hovered around 145 per dollar Friday after a nearly 1% drop in the previous session, pressured by trade uncertainties as Tokyo seeks a deal with Washington before next week’s deadline. Trump may announce new tariffs or extend deadlines today, having previously threatened tariffs up to 35% on Japanese goods over low US rice and car imports. The yen also weakened as a stronger US dollar followed a better June jobs report, easing recession fears and reducing near-term Fed cut chances. In Japan, May household spending grew more than forecast, supported by government efforts to increase demand. The key resistance is at $145.35, meanwhile the major support is located at $143.55.
by ChartMage
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Gold Supported by Trade HopesGold traded around $3,360 per ounce on Thursday, supported by news of a US-Vietnam trade deal and ongoing dollar weakness. The deal, which eases some tariffs on Vietnamese goods, increased hopes for further bilateral agreements. Meanwhile, softer US labor data, ADP figures showed the first payrolls drop in over two years, strengthened the case for Fed easing. Tensions in the Middle East, with Iran halting cooperation with the UN nuclear agency, added a touch of geopolitical risk. Resistance is at $3,395, while support holds at $3,330.
OANDA:XAUUSD
by ChartMage
GBP/USD Slides with Fiscal WorriesGBP/USD edged lower toward 1.3625 in Asian trading, pressured by a sharp selloff in UK government bonds and growing fiscal concerns. Gilts suffered their biggest drop since October 2022 after the government’s decision to cut welfare benefits and mounting doubts over the Chancellor’s political future. Marc Chandler, Chief Market Strategist at Bannockburn Global Forex LLC, noted: “The drop isn’t limited to the British Pound, UK gilts are also under heavy selling. It seems to be a broader crisis of confidence in the Labour government.” Resistance is at 1.3675, while support holds at 1.3570.
by ChartMage
EUR/USD Steady Near 1.1800 as Fed Cut Bets RiseEUR/USD held steady for a second session near 1.1800 in early Thursday trading. The pair could gain momentum as the US dollar weakens on rising expectations of a Fed rate cut after ADP data disappointed. June’s ADP Employment Change showed a surprise 33,000 drop, its first decline in over two years, well below forecasts of 95,000. May’s figure was also revised down to a 29,000 gain. Attention now turns to the upcoming US Nonfarm Payrolls, Average Hourly Earnings, ISM Services PMI, and S&P Global US PMI. Key levels: Resistance at 1.1830; support at 1.1730.
by ChartMage
JPY Steadies, Trade Optimism Counters Dollar WeaknessThe Japanese yen held near 143.7 against the dollar on Thursday, stabilizing after recent losses, supported by improved trade sentiment and a weaker greenback. Japan reiterated its aim for a fair trade deal with the US, though Trump raised pressure by threatening tariffs up to 35% on Japanese imports over low US rice and car sales. Meanwhile, a finalized US-Vietnam deal added to market optimism. The yen also found support as investors awaited key US jobs data, which could increase the odds of a Fed rate cut. Key levels: Resistance at 145.70; support at 143.55.
by ChartMage