Analyzes

Gold is on a recovery mode from six-week lows of $4,807 reached on Wednesday, as buyers try their luck amid renewed escalation of the Middle East war.

EUR/USD’s short-term outlook has deteriorated steadily since the pair was rejected from the yearly highs near 1.2100 the figure. The break below the key 200-day Simple Moving Average (SMA) reinforces the downside bias and points to the risk of a deeper pullback ahead.

Spot Gold fell to fresh one-month lows on Wednesday, in anticipation of the Federal Reserve (Fed) monetary policy announcement and following headlines indicating inflation in the United States (US) picked up even before the Iran war started.

The outlook for the Australian Dollar (AUD) remains constructive for the time being, reinforced by persistently elevated inflation in Oz and the hawkish tilt from the RBA. This combination is expected to pave the way for extra gains in AUD/USD as well as put a floor to occasional sell-offs.

The EUR/USD pair trades uneventfully, a handful of pips above the 1.1500 threshold, as investors await the Federal Reserve (Fed)’s monetary policy decision later in the day.

Crypto traders breathed a sigh of relief over the past week, as the sight of rising prices eased concerns about a devastating, long-drawn-out crypto winter, though the threat of further downside remains.