The Daily Brief: Your Economic Rundown

MARKET ANALYSIS

GOLD

GOLD prices are still consolidated. We will hold off on calls and speculations at this point until a clear break is found.

SILVER

SILVER prices are dropping more significantly today. If prices maintain this downward momentum, we might find an overall short-term market price shift. The MACD and the RSI are strongly following through on the bearish volume and momentum. We anticipate further selling to continue in the coming days. However, we can definitely say that uncertainty still revolves around the broader markets.

DXY

"The Dollars strength is still subdued despite the drop in both GOLD and SILVER. The market appears to be in a holding pattern, reflecting the complex cross-currents at play. While the ""war in the Middle East"" continues to simmer, creating some underlying demand for safe havens, the market's focus has shifted to the diplomatic front. The White House has indicated that President Trump will make a decision on direct U.S. involvement within the next two weeks, creating a period of intense uncertainty. The question of whether the U.S. joins the fighting directly is a major source of speculation; direct involvement could have unpredictable consequences for the Dollar.

For now, we will stay away from speculation and look at the charts. Currently, the Dollar is moving sideways and is maintaining bearish momentum and volume from the soft inflation data earlier this week. Thus, we can maintain our bearish bias until a clear break of the current structure."

GBPUSD

The Pound is reaching for the EMA200. If it gets rejected from this level, we can expect a bearish continuation. However, if it rises beyond this point, we might find a resumption of buying or an extension of the consolidation. The MACD and the RSI are also finding increased buying momentum and volume. Thus, the best thing we can do is wait to see how the market will progress.

AUDUSD

Despite the drop in prices, the Australian Dollar is still consolidated, with price action leaning more towards the selling side. The best thing we can do is wait to see how it will progress in the coming days.

NZDUSD

The Kiwi has also broken below its recent range and is showing increased chances of selling. The RSI and the MACD are reflecting this same bias. We might find further selling, but we will not overly engage in these markets. We will wait to see how it will run for the rest of the day and potentially revisit it next week.

EURUSD

Euro prices were held up after bouncing off the upper boundary of the consolidation zone. This follows through with our reading of an overall bullish trend. Thus, what we can do is wait to see how it will progress in the coming days. The MACD and the RSI are also indicating increased buying chances.

USDJPY

The Yen has broken through the high [on USD/JPY] but is slow in its movement. We do not know how slowly this will gain its bullish momentum, but at the current pace, there is a larger chance for it to trend further bullish. The MACD and the RSI reflect the bullish movement of the price. Thus, we anticipate further buying to continue in the coming days.

USDCHF

The Franc remains consolidated. We will wait to see how it will progress. However, we can also see the MACD and the RSI potentially signaling a sell-off [for USD/CHF]. Although, the RSI is mostly consolidated still. The safest thing we can do is wait, although the overall price action momentum still remains bearish.

USDCAD

The CAD is finding a buying continuation [for USD/CAD], although the MACD is signaling potential for sell volume. The RSI, on the other hand, is showing increased consolidation. We will wait to see how it will progress in the coming days.