Gold dips as trade progress tempers demand; eyes turn to upcoming Fed meeting.
The euro held firm at $1.17 ahead of the ECB's Thursday meeting, while the yen strengthened on news of a US-Japan trade deal worth $550 billion. Gold pulled back as safe-haven demand eased, and the pound edged up to $1.35 amid a weaker dollar and cautious sentiment ahead of the August 1 tariff deadline.
| Time | Cur. | Event | Forecast | Previous |
| 14:00 | USD | Existing Home Sales (Jun) | 4.01M | 4.03M |
| 14:30 | USD | Crude Oil Inventories | - | -3.859M |
| 17:00 | USD | 20-Year Bond Auction | - | 4.942% |
The euro hovered near $1.17 as traders awaited Thursday’s European Central Bank decision. With rates expected to remain steady following eight consecutive cuts, policymakers tread cautiously amid strength in the euro and lingering U.S. tariff uncertainty. Meanwhile, EU officials are preparing contingency plans in case trade negotiations with President Trump collapse before the August 1 deadline.
Resistance for the pair is at 1.1830, while support is at 1.1660.
| R1: 1.1830 | S1: 1.1660 |
| R2: 1.1900 | S2: 1.1590 |
| R3: 1.2000 | S3: 1.1500 |
The yen held firm near 146.5 per dollar, its highest level in two weeks, after President Trump announced a trade agreement with Japan featuring 15% tariffs on exports. Japan, in turn, pledged $550 billion in U.S. investments and increased access for American goods. Prime Minister Ishiba’s lack of details and speculation about his possible resignation add further political uncertainty, especially after the coalition’s upper house defeat.
Resistance is at 147.75, with major support at 146.15.
| R1: 147.75 | S1: 146.15 |
| R2: 148.30 | S2: 145.30 |
| R3: 149.30 | S3: 144.65 |
Gold slipped, snapping a three-day rally. The retreat came after the U.S. struck trade agreements with Japan, the Philippines, and Indonesia, easing safe-haven demand. The latest deal with Japan includes 15% tariffs and expanded U.S. access. Still, unresolved tensions with the EU and anticipation ahead of next week’s Fed meeting are keeping investors on edge.
Resistance is at $3,400, while support holds at $3,375.
| R1: 3400 | S1: 3375 |
| R2: 3430 | S2: 3310 |
| R3: 3500 | S3: 3285 |
The pound climbed to $1.35, supported by a weaker dollar and cautious positioning ahead of the August 1 U.S. tariff deadline. Investors expect UK economic data to show improving momentum, while the Bank of England may scale back bond sales due to weak demand. Despite the optimism, markets still price in two BoE rate cuts in 2025.
Resistance stands at 1.3550, with support at 1.3380.
| R1: 1.3550 | S1: 1.3380 |
| R2: 1.3630 | S2: 1.3270 |
| R3: 1.3680 | S3: 1.3140 |
Silver remained firm around $38.90 per ounce, holding near its highest levels since 2010. A weaker dollar and lower U.S. yields underpinned the metal, while traders await Fed Chair Powell’s comments and trade updates ahead of the August 1 deadline. China’s pledge to boost industrial growth also added to silver’s positive outlook.
Resistance is at $39.50, with support at $37.40.
| R1: 39.50 | S1: 37.40 |
| R2: 40.10 | S2: 35.50 |
| R3: 41.90 | S3: 33.90 |
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