Gold prices touched a one-month higher this morning, posting an early session high of $1258.18 an ounce. The U.S. dollar was seen trading weaker across the board earlier today with much of the gains coming from gold and the Japanese yen.

The U.S. dollar index was seen trading weaker at the open today continuing from Friday's modest declines, which came after President Trump's healthcare bill was withdrawn from Congress due to lack of support from the Republicans. The reaction was, however, muted although many are starting to wonder if the President will be able to push through with his proposed tax reforms and infrastructure overhaul ideas.

The economic calendar is relatively quiet today with only the German Ifo business climate data scheduled for release. Later in the afternoon, FOMC members, Evans and Kaplan will be speaking.

 

EURUSD intra-day analysis

EURUSD

EURUSD (1.0845): EURUSD gapped higher on the open today above the resistance level of 1.0800. On the daily chart, the Stochastics oscillator remains in thestrongly overbought area above 80. On the 4-hour chart, the EURUSD is continuing to push higher within the rising median line while moving within the rising wedge pattern. This increases the risks of a downside correction in the common currency.

The 4-hour Stochastics is currently printing a lower high in prices and also signals a correction based on the bearish divergence being formed. Watch for a potential EURUSD decline towards 1.0700 in the near term.

 

USDCAD intra-day analysis

USDCAD

USDCAD (1.3329): USDCAD has formed a bearish flag pattern on the daily chart with the support level seen at 1.3300. A breakdown below this support could signal further downside as USDCAD will target 1.3243 and 1.3171 price targets. For the moment, the bearish bias remains intact as price briefly posted a bounce off 1.3300 support forming a lower high in the process. However, in the event that price fails to break past the 1.3300 support level, we can expect to see USDCAD consolidate above this support level in the near term.

 

XAUUSD daily analysis

XAUUSD

XAUUSD (1256.63): Gold prices are seen hovering near a one-month high earlier today above the support level at 1250.00. A continued move to the upside could signal further gains towards 1300.00 where resistance can be formed. However, the daily Stochastics shows gold prices to be very overbought and could signal a near term correction to the downside. With support at 1200.00 gold prices could remain range bound in the near term but the bias remains to the upside. Only a break down below 1200.00 will trigger further declines in which case 1150.00 remains the next support level to the downside.

 

This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.

Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD stays defensive near 0.6500 after Australian CPI data

AUD/USD stays defensive near 0.6500 after Australian CPI data

AUD/USD stays defensive near 0.6500 in Wednesday's Asian trading. The Aussie faces headwinds from softer Australian CPI inflation data for May, which fans RBA rate cut expectations. A pause in the US Dollar sell-off undermines the pair despite a better market mood. 

USD/JPY stalls the rebound below 145.00 after Japan's PPI, BoJ headlines

USD/JPY stalls the rebound below 145.00 after Japan's PPI, BoJ headlines

USD/JPY stalls the renewed upside below the 145.00 mark following the release of strong Japanese Services PPI, which supports the case for more BoJ rate hikes despite the mixed BoJ's June Summary of Opinions. Meanwhile, the US Dollar's downside consolidation phase also keeps the pair on the defensive. 

Gold price ticks higher toward $3,350 on weaker US Dollar

Gold price ticks higher toward $3,350 on weaker US Dollar

Gold price is looking to build on the previous day's bounce from sub-$3,300 levels, or over a two-week low, amid the prevalent US Dollar selling bias. However, Powell's hawkish tone could limit deeper USD losses. Furthermore, the Israel-Iran ceasefire optimism might cap the yellow metal.

Circle stock plunges 15%, analysts predict bearish pressure from key long-term headwinds

Circle stock plunges 15%, analysts predict bearish pressure from key long-term headwinds

Circle's CRCL fell to $222 on Tuesday, just a day after its surge to $292, nearly matching Coinbase's market cap. Several analysts predict that CRCL could see a reversal in the long term due to potential interest rate reductions and rising competition. CRCL’s market cap has declined to $54 billion.

Could Iran block the Strait of Hormuz? Why Oil is on edge after US strikes

Could Iran block the Strait of Hormuz? Why Oil is on edge after US strikes

As the Israel-Iran conflict reaches new heights, an old threat is coming back to haunt the markets: that of the closure of the Strait of Hormuz. This narrow arm of the sea in the Persian Gulf, wedged between Iran to the north and the United Arab Emirates and Oman to the south, is much more than a simple sea passage.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Majors

Cryptocurrencies

Signatures

Best Brokers of 2025