Gold Futures: Room for further recovery

EUR/USD remains directionless on Thursday, hovering around the 1.1670 zone on the back of marginal gains in the Greenback following the release of weekly Initial Jobless Claims. Moving forward, caution is expected to dominate the sentiment ahead of Friday’s US NFP readings.

GBP/USD remains under pressure on Thursday, slipping to fresh three-day lows near 1.3430 and extending the pullback that started on Tuesday. Cable stays on the back foot as the US dollar edges maginally higher following key US data releases.

Gold remains on the back foot, down for the second day in a row and revisiting the $4,430 region per troy ounce on Thursday. The move lower in the precious metal comes in response to a better tone in the Greenback and the generalised recovery in US Treasury yields.

Pi Network trades above $0.2000 at press time on Thursday, following a nearly 2% decline the previous day. Centralized Exchanges have received 1.90 million PI tokens over the last 24 hours, suggesting risk-off sentiment among holders. The technical outlook for the PI token remains bearish, with a risk of a cross below the 20-day Exponential Moving Average. 

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Pi Network trades above $0.2000 at press time on Thursday, following a nearly 2% decline the previous day. Centralized Exchanges have received 1.90 million PI tokens over the last 24 hours, suggesting risk-off sentiment among holders.