Weekly forex forecast: EUR/USD, GBP/USD, XAU/USD, XAG/USD and more [Video]

EUR/USD gains ground after three days of losses, trading around 1.1700 during the Asian hours on Wednesday. On the daily chart, technical analysis indicates a potential for a bearish bias; the 14-day Relative Strength Index at 47 confirms waning momentum.

GBP/USD gains some ground after registering modest gains in the previous session, trading around 1.3510 during the Asian hours on Wednesday. The pair edges higher as the US Dollar struggles ahead of the US ISM Services Purchasing Managers’ Index and JOLTs job openings due later in the day.

Gold is correcting from weekly highs of $4,500 early Wednesday as buyers take a breather after the recent relentless upsurge, backed by geopolitical flare-ups globally and increased US Federal Reserve interest rate cut bets for 2026.

Bitcoin, Ethereum, and Ripple prices are taking a breather on Wednesday near their key resistance levels following the recent surge. BTC faces rejection at the $94,253 level, while ETH and XRP follow BTC’s footsteps, struggling near $3,308 and $2.35, respectively.

Events in Venezuela are top of mind for market participants, and while developments are associated with an elevated degree of uncertainty, we are not making any changes to our markets or economic forecasts as a result of the deposition of Nicolás Maduro. 

Cardano rises above the 50-day EMA resistance amid a risk-on mood across the crypto market. The MACD upholds positive divergence, increasing the potential for a 20% breakout to $0.505.