Where Are Markets Headed Next?

GOLD

Gold prices are experiencing a steady increase in buying volume and momentum, despite the relatively slow pace. The underlying bullish structure remains intact, reinforcing expectations for continued appreciation. Geopolitical risks continue to provide strong fundamental support, particularly the escalating tensions in West Asia and the intensifying conflict in Ukraine—both of which are limiting downside pressure and reinforcing golds role as a safe haven. Technically, both MACD and RSI are trending upward, signaling increased bullish momentum and volume.

SILVER

Silver has entered a short-term pullback after reaching resistance at 36.7308—an expected reaction at a well-established ceiling. MACD and RSI confirm increased selling volume and momentum in the near term. However, the broader bullish structure remains intact, and unless a significant breakdown occurs, we expect the overall uptrend to resume once this corrective phase completes.

DXY (U.S. Dollar Index)

The Dollar remains in consolidation as markets await high-impact economic data. The May CPI report, due today, is a key driver for market direction. This will be followed by Thursday‘s PPI release and Friday’s preliminary UoM Consumer Sentiment report. Until these figures are out, most market participants remain sidelined, awaiting clearer signals on inflation trends and potential Fed policy shifts. We refrain from making a directional call until these data points are fully digested.

GBP/USD

The Pound has fallen below the EMA200, increasing the likelihood of an extended consolidation phase. While this move does not invalidate the broader bullish trend, it raises the possibility of a deeper test of underlying support. The MACD shows growing selling volume, and RSI indicates increased bearish momentum. For now, we maintain a neutral stance and await a confirmed breakout to re-establish direction.

AUD/USD

The Australian Dollar continues to consolidate within its range. Momentum remains neutral, and no new technical or fundamental developments have emerged to justify a shift in bias. We will continue to monitor for a clearer structural break before making new calls.

NZD/USD

The Kiwi remains in a tight consolidation range. No meaningful momentum or directional cues are currently present. We will maintain a wait-and-see approach until market structure offers a clearer signal.

EUR/USD

The Euro exhibited minimal movement in the last session. Momentum indicators remain neutral, and price action lacks conviction. Until a catalyst emerges—potentially from upcoming U.S. data—we will refrain from initiating new positions.

USD/JPY

USD/JPY is also consolidating, showing no decisive trend at the moment. Despite some intraday movement, no clear breakout or directional signal has been confirmed. As such, we will hold off on any calls until structure breaks.

USD/CHF

The Franc showed little to no change, with the pair remaining in consolidation. No meaningful momentum shifts are evident in the MACD or RSI. We will stay on the sidelines until we see clearer market direction.

USD/CAD

USD/CAD has pulled back after testing the EMA200. The MACD is showing a renewed build-up in bearish volume, and the RSI suggests increasing downside momentum. While the mid-term trend is still in consolidation, we expect the recent shift in momentum to favor continued selling in the coming sessions.