Analyzes

Explore this week’s key market trends: gold rallies, bitcoin falters, forex pairs stay choppy. Catch the big moves and levels to watch.

This week, the US Dollar (USD) managed to lend further legs to its rebound from multi-week troughs recorded earlier in the month, leading the US Dollar Index (DXY) to surpass the key 98.00 barrier with certain strength, briefly flirting at the same time with monthly peaks around the 98.60 region.

Further optimism surrounding the US Dollar (USD) saw the currency build on the previous week’s gains, momentarily rising to three-week highs before giving up some of that advantage towards the conclusion of the week.

The EUR/USD pair turned south and closed the week below the 1.1700 mark, further retreating from the yearly peak set mid-September at 1.1918.

The Pound Sterling (GBP) reversed early recovery gains and turned negative on the week against the US Dollar (USD), smashing GBP/USD to seven-week lows below 1.3350.

Gold (XAU/USD) touched a new record-high near $3,790 before correcting lower. Investors will scrutinize high-tier data releases from the United States to decide whether XAU/USD’s rally could continue in the near term.