DBG Markets: Market Report for Mar 21, 2025

MARKET ANALYSIS

GOLD - GOLD prices have consolidated at record highs, with a potential retracement expected this Friday. The MACD and RSI indicate increasing bearish momentum and volume, suggesting a possible test of the EMA200. Consolidation may keep GOLD prices below historic highs as markets adjust to new economic conditions. However, geopolitical tensions, tariff threats, and trade wars continue to support bullish expectations. Overall, price action remains very bullish, and we will look for more buying opportunities while staying cautious of sudden reversals.

SILVER - SILVER prices are testing the EMA200, remaining subdued as an effective hedge against GOLD. The MACD is consolidating but leans bearish, while the RSI remains mostly neutral, signaling both overbought and oversold conditions on swings. Despite this, the broader trend remains bullish, and we anticipate further buying in the coming days. We await clearer price action to confirm the market direction.

DXY - The U.S. dollar gained strength on Friday following its best single-day performance in three weeks. The Federal Reserve signaled no rush to cut interest rates, holding them steady while forecasting two quarter-point cuts later this year. Fed Chair Jerome Powell reinforced this stance, citing economic uncertainties including tariffs. With this shift in narrative, we expect the dollar to strengthen in the coming days. Prices have broken above the lower range but have yet to surpass 104.084. If this resistance holds, consolidation may continue. The EMA200 and the upper zone are now acting as support, while the RSI and MACD indicate potential bullish momentum. We await a clearer break before calling a bullish continuation.

GBPUSD - The Pound remains in consolidation with no significant movement. Although the Dollar's strength pulled prices down to test the EMA200 and key support, no decisive break has occurred. We await a clearer directional move.

AUDUSD - The Aussie dollar has dropped but remains within the broader consolidation range. The RSI signals overbought conditions, and the MACD is turning lower, suggesting a potential continuation of selling pressure. However, as long as prices stay above the lower boundary, we refrain from calling a full shift to bearish momentum.

NZDUSD - The Kiwi followed expectations, dropping to test the EMA200 and key support. We anticipate further buying opportunities but remain cautious of a potential structural breakdown. The MACD is moving lower, and the RSI shows increased selling momentum, indicating that shifting U.S. dollar sentiment could influence price action. Until a break below 0.56859 occurs, we maintain a bullish outlook.

EURUSD - The Euro remains range-bound but is showing increased downside potential. A break below the EMA200 has slightly shifted our expectations, suggesting a possible continuation of selling. The RSI is approaching overbought levels, while the MACD remains consolidated. We will wait for a clearer break before confirming direction.

USDJPY - The Yen is consolidating after previously breaking above key structures, shifting the overall bias. We anticipate Yen weakness and view this as a potential buying opportunity. The MACD signals increasing bullish momentum, while the RSI remains volatile. Some initial slow movement may occur as markets adjust, but the rejection of the lower boundary suggests further buying potential.

USDCHF - The Franc is consolidating with a chance to push higher. The MACD and RSI reflect growing bullish momentum. Prices have reached the upper boundary and broken above the EMA200. If this breakout sustains, further upside is likely.

USDCAD - The CAD remains in consolidation within the expected range. We will wait for clearer price action before calling a directional move.