Today's Must-Know Market Updates

Market Analysis

GOLD

GOLD prices remain consolidated, with prices resting on the EMA200 and the lower boundary of the consolidation range. The MACD and RSI indicators are also currently consolidated. We must await a significant shift or movement to identify the market's direction.

However, it is worth noting Trumps recent tariff threats, reportedly made about two days ago. Despite a perceived lack of credibility stemming from previous instances of retracting or delaying such tariffs, his consistent threats do create some market uncertainty. Indeed, following these announcements, Gold experienced a surge in strength. We must await a clearer market direction before committing to a specific stance. Broader market sentiment regarding the U.S. economy will likely shift Gold's dynamics.

SILVER

SILVER prices are currently showing increased potential for a continuation of consolidation. We will refrain from calling a specific direction until a more definitive market movement emerges.

DXY

The Dollar is currently moving sideways, though it appears to be leaning towards a bearish continuation. The MACD and RSI also indicate good volume and momentum for a continued move lower. We anticipate further selling in the coming days.

GBPUSD

The Pound is currently supported by the EMA200, and the RSI shows increasing bullish momentum. However, the RSI is nearing overbought levels as prices test the 1.34998 structural level. Consequently, there is a chance prices might experience a temporary turnaround from this level before resuming a move higher. Nevertheless, the MACD displays a healthy upward trend with good volume, potentially indicating underlying strength despite short-term price fluctuations. Thus, we can anticipate further buying, as the overall price action also respects the bullish structure.

AUDUSD

The Australian Dollar is currently showing increased bullish movement after finding support at the 0.64086 level. We anticipate further buying to continue in the coming days, as the MACD and RSI indicate increasing bullish volume and momentum. We will look for more buying opportunities in this market, as the overall price action continues to strongly respect the bullish structure.

NZDUSD

The Kiwi shows a clear rejection from key resistance levels and is now well-supported. The MACD also signals a very healthy increase in bullish volume. The RSI, however, is nearing overbought levels and might signal a normalization of price momentum soon. This could present a good entry opportunity on any pullback; currently, we are looking for further bullish opportunities.

EURUSD

The Euro has yet to break out of its consolidation zone and is once again testing the upper boundary of this price range. The MACD shows some potential for bullish gains, but the RSI is approaching overbought levels. We will await a clearer market movement before determining a more definitive market direction.

USDJPY

The Yen is currently showing increased chances for a bearish market continuation [USD/JPY rising] after multiple attempts to break above the EMA200 were rejected. However, we can also observe prices moving sideways, likely gauging the Dollar's performance in the coming days. Current uncertainty surrounding the Dollar might translate to more strength for the Yen [USD/JPY falling]. The MACD indicates increased bearish gains [for JPY, so USD/JPY downside], and the RSI also shows some normalization of selling momentum. We will wait for prices to break either the EMA200 or the 143.442 level before calling for a specific direction. Despite these shorter-term bearish signals [for USD/JPY], we maintain an overall bullish bias [for USD/JPY, likely longer-term], as the overall price action continues to respect the earlier bullish shift. Thus, we await clearer market movement.s to respect the earlier bullish shift. Therefore, we await a clearer market movement.

USDCHF

The Franc finds more strength [USD/CHF falling] after the retreat from its high. However, price movement was consolidated after trading underneath the relevant price zone. The MACD and RSI are also steady in their bearish gains [for USD/CHF]. We must wait for a clearer market response and movement to decide on a market direction.

USDCAD

The CAD is gaining momentum, with USD/CAD falling as MACD and RSI signal strong bearish trends. This reflects the Canadian dollar's strength, bolstered by a better-than-expected Q1 2025 GDP growth of 2.2%—above both the consensus of 1.7% and the BoC's 1.8% projection. With the Bank of Canada meeting on June 4th, an immediate rate cut seems unlikely, although domestic demand concerns and trade uncertainties may lead to cuts later in the year. We anticipate further strength for the Canadian dollar, especially as USD/CAD fails to break above the EMA200, aligning with our previous outlook.

COT Report Analysis

AUD - WEAK (5/5)

GBP - STRONG (2/5)

CAD - WEAK (5/5)

EUR - STRONG (3/5)

JPY - STRONG (4/5)

CHF - WEAK (5/5)

USD - MIXED

NZD - WEAK (4/5)

GOLD - STRONG (4/5)