Analyzes

The US Dollar (USD) is under mild selling pressure on Tuesday, pressured by headlines indicating that a deal to reopen the Strait of Hormuz could be reached as soon as Wednesday.

Gold is attempting a tepid bounce around $4,050 in Asian trading on Tuesday, stalling a two-day decline amid looming US-Iran risks, as markets brace for a slew of US jobs reports due later this week. US JOLTS Job Openings Survey is in focus on Tuesday.

Spot Gold trades in the $4,030 price zone, little changed from Friday’s close, yet down on Monday after starting the week with a bullish gap. The US Dollar (USD) eased throughout the first half of the day, as easing Middle East tensions caused Oil prices to fall.

Directional bias: Neutral to bullish above 0.6900, although repeated difficulty clearing 0.7000 leaves the pair exposed to another rejection.

The global economic landscape has been fixated on the Middle East since the US-Iran war started in late February, reacting to significant changes in crude Oil prices and assessing how they could influence inflation dynamics and growth outlook.

Looking back, 2026 has not been a bad year for the British Pound (GBP).