Market Insights Today

GOLD- Gold has recorded lows, breaking below 2314.890 and is currently testing the critical support level of 2295.536. With the Final GDP q/q and Core PCE Index m/m data releases imminent, analysts and investors are keenly awaiting these figures to gauge future market direction. The current price action suggests a bearish trend, but significant economic data could shift this outlook.

SILVER- Silver is in a holding pattern similar to Gold, waiting for major economic data releases. The price closed slightly lower yesterday but remains within its recent consolidation range. We await further confirmations before establishing a clear bias, as the current structure does not provide definitive directional clues.

DXY- Despite disappointing New Home Sales data, the dollar did not experience significant movement. The drop from 698k to 619k, below the expected 636k, failed to impact the dollar significantly. Investors are focused on the upcoming GDP and PCE data, which could influence expectations for potential rate cuts in September.

GBPUSD- The Pound has traded below 1.26487 after failing to sustain a bounce from 1.27006, indicating dollar strength ahead of upcoming data releases. We anticipate further downside potential, possibly testing the lower boundary of the current range. The data release will be crucial in determining the next move.

AUDUSD- The Australian Dollar remains robust against the dollar, trading around 0.66541. Australias inflation report exceeded expectations, with the latest data showing 4%, higher than the previous 3.6% and expected 3.8%. This has bolstered the Aussie dollar, particularly against currencies contemplating rate cuts like the Euro. We expect the price to continue creating higher highs and lows

NZDUSD- The New Zealand Dollar has fallen below 0.60847, indicating a loss of strength against the dollar. The price is currently comfortable under this level, suggesting potential for further declines.

EURUSD- The Euro is trading lower due to USD strength but is maintaining prices slightly above the 1.06750 level. We anticipate further downside potential, especially with upcoming U.S. data releases likely influencing market sentiment.

USDJPY- The Yen is trading well above the 160 level, higher than previous intervention levels. We remain cautious and stay away from the Yen until more decisive price movements are observed. The natural trend appears to be Yen weakness.

USDCHF- The Swiss Franc is showing weakness against the dollar, with prices rising slowly. A correction might occur soon, but the depth will likely depend on upcoming data releases.

USDCAD- The Canadian Dollar has weakened against the dollar after failing to break below 1.36563. While we expect CAD strength to eventually play out, current price action suggests further testing of 1.37435 or stabilisation at current levels.