DBG Markets: Market Report for Jan 23, 2025

Market Analysis

GOLD - Gold prices have risen amidst the risks associated with Trumps policies. However, 2758.248 remains a resistance level, with both the MACD and RSI showing increased momentum and volume for selling. Despite this, overall price action suggests a higher likelihood of a buying continuation as the market consolidates for a few hours. We remain bullish on gold, even if the dollar strengthens. While gold prices could fall due to being overpriced at the moment, the probability of continued upward movement remains higher.

SILVER - Silver prices are currently consolidated, with a high likelihood of returning to a range below 30.6675. Both the MACD and RSI indicate increased momentum and volume, but prices show signs of a selling continuation. We expect further selling to dominate the market.

DXY - The dollar is rising after reaching 107.834, suggesting a continued upward move to fill the gap it left behind. Although the RSI indicates overbought conditions, the MACDs steady and increasing volume and momentum suggest further bullish movement. We anticipate a stronger dollar to emerge, unless consolidation continues instead.

GBPUSD - As mentioned yesterday, the Pound remains subdued, failing to break above 1.23720 and now testing 1.23000. There is a possibility for the market to crash below this level, though consolidation appears more likely. The MACD and RSI are gradually gaining momentum and volume for bearish price movements, signaling continued weakness.

AUDUSD - The Australian dollar has remained consolidated since yesterday, showing little conviction to move in a specific direction. Both the MACD and RSI indicate waning strength and momentum, suggesting a potential price decline. However, the current prices comfort above the upper boundary of the consolidation zone hints at a possible shift to bullish momentum. Despite this, we maintain a bearish outlook.

NZDUSD - The New Zealand dollar mirrors the Australian dollar, staying within its consolidation range. Both the MACD and RSI lack clear direction, as analysts evaluate Trump‘s policy moves and their implications for global trade. Markets are cautious, with Trump’s unpredictability leaving investors hesitant. Price action suggests consolidation will persist until clearer signals emerge.

EURUSD - The Euro remains in a precarious position, with Trumps threats of tariffs straining relations between the U.S. and Europe. While these dynamics may weigh on the Euro in the long term, current prices have risen above 1.03311, signaling a shift in short-term momentum. The MACD shows potential for increased buying strength, while the RSI is normalizing and gaining momentum. Though the broader outlook remains bearish, short-term buying opportunities exist as prices approach resistance levels.

USDJPY - The Yen remains consolidated after failing to touch 154.703. Both the MACD and RSI are also in consolidation, though the RSI is nearing overbought levels. Price action remains bearish overall, with the market anticipating further declines ahead of a potential rate hike by the BOJ on Friday. With 18 out of 19 economists predicting a rate increase, the Yen is expected to see increased selling pressure in the near term.

USDCHF - The Franc is gaining strength against the Dollar, staying below 0.90743. Both the RSI and MACD reflect increasing momentum and volume, supporting a bearish outlook for the Dollar in this pair. Prices are likely to remain under resistance in the near term.

USDCAD - The Canadian dollar remains consolidated with erratic whipsaw movements, as markets seek clarity on Trumps policies. Both the MACD and RSI provide unreliable signals at this stage, reflecting indecision. Despite this, price action continues to respect key boundaries, maintaining a bullish structure. We expect further upward movement once the market gains clarity.