Gold Technical Analysis: Bulls take breather near a short-term ascending trend-channel resistance

EUR/USD edges higher after registering modest losses in the previous session, trading around 1.1700 during the Asian hours on Thursday. The technical analysis of the daily chart shows that the pair remains within the descending channel pattern, suggesting an ongoing bearish bias.

The GBP/USD pair gains ground to near 1.3435 during the early European session on Tuesday. The Pound Sterling edges higher against the US Dollar as UK inflation rose more than expected in December. Markets might turn cautious later in the day ahead of a slew of US economic data. 

Gold is seen extending the previous day's modest pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifting lower through the Asian session on Thursday. This marks the first day of a negative move in the previous four and is sponsored by a combination of negative factors. 

Canton, MYX Finance, and Pump.fun are leading the recovery over the last 24 hours as the broader cryptocurrency market takes a breather after sharp losses. Technically, the recovering altcoins are closing toward key resistances as selling pressure eases. 

Markets did not so much trade on Wednesday as they collectively unclenched. After a bruising bout of headline-induced indigestion, every major asset class caught a bid at once. Stocks up. Bonds up. Gold up, then cooling. Crypto rebounding. Crude firming. Even the dollar found its feet.

Monero (XMR) is extending its downtrend, below the $500 level at the time of writing on Wednesday, as sellers remain dominant during the American session. XMR has declined by approximately 38% from a recent high of $800, reached last Wednesday.