DBG Markets: Market Report for Apr 17, 2025

Market Analysis

GOLD - GOLD prices are only expected to continue bullish. There are still no signs of a slowdown from the charts. Other analysts also view GOLD the same way. "We expect central bank purchases of gold to remain at high levels, with tariffs potentially accelerating the trend of global central banks diversifying their reserves into gold," said Trevor Yates, senior investment analyst at Global X. The RSI and the MACD show no signs of a slowdown, and there are only continuation expectations.

SILVER - SILVER prices have risen but not by significant levels. This means that there is still space for GOLD to continue its rise. We look into further buying but wait for the perfect opportunity to start doing so.

DXY - The Dollar continues to remain in consolidation. We do not change our reading and instead double down on the chances for there to be a continuation bearish, as we see the RSI reach for overbought levels and the MACD reflecting the increase in bearish volume.

GBPUSD - The Pound is finding an increase of buying. Overall, price action continues to respect bullish structure, but there is a slowdown in the prices. This may come from central banks evacuating currencies for the moment to move to a more secure alternative—the GOLD. The MACD is being very steady in the selling, but this does show a rise in bullish volume. The RSI is also calling for oversold levels, but there is a chance for prices to reach lower before a continuation. We continue to look for more bullish opportunities.

AUDUSD - The Aussie dollar continues to remain consolidated on highs. We do not change our reading for this market and continue to expect a bullish run.

NZDUSD - The Kiwi is also remaining bullish. We do not change our calls for this market. There is no clear indication of a break of structure, but there is a good show of a market continuation. We remain looking for more bullish movement.

EURUSD - The Euro is currently seeing an increase in the buying. However, as it reached the high, the RSI called for overbought levels. Although, this was quickly taken back after a sharp drop with the most recent sell candle. It was an exaggerated drop, showing a higher chance for prices to only continue bullish. The MACD is also steady in its bullish gains. We look for more buying opportunities but also remain vigilant for a chance for prices to remain in consolidation.

USDJPY - The Yen prices remain under and are finding more selling to continue. We continue to look for more selling opportunities. The price level 141.700 remains a strong support for prices to remain up. The consolidation stays until we see a clear break of this level.

USDCHF - The Franc remains in a consolidation. We do not change our readings for this market and refrain from calling a specific direction until we see a clearer break of structure.

USDCAD - BOC officials remain cautious about predicting their next move, blaming the highly unpredictable nature of what President Donald Trump decides. The impacts of those decisions have already triggered “an unprecedented shock” unseen for more than 100 years, according to the governor. The latest decision follows moderate 25-basis point rate cuts in March and January, two consecutive 50-basis point slashes in December and October, and three 25-basis point cuts since June when the bank began unwinding the effects of its past aggressive tightening. “Governing Council will continue to assess the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs,” the bank said in a statement. “Our focus will be on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. This means we will support economic growth while ensuring that inflation remains well controlled.” “In March we said we would be less forward-looking and we would be proceeding carefully with further changes in our policy rate,” Governor Tiff Macklem told a news conference. “A lot has happened in the last five weeks since our March policy decision, but the situation is no clearer: The tariffs have been announced, they‘ve been imposed, they’ve been retracted, and they‘ve been threatened again.” This report from Canada shows that the other factors of the markets, data releases on NFP and whatnot, are the least of anyone’s concerns as Trump‘s unpredictable nature takes the wheel rather forcibly. Even when there is growth in a country’s economy and sustained strength—his policies might change the direction of market sentiment due to growing uncertainty and fear. The CAD prices remain low, and it continues to win against the dollar. The MACD and the RSI reflect this growth in volume and momentum. We continue to look for more selling in this market.