Analyzes

The S&P 500 briefly rallied before pulling back on Wednesday as traders digested President Trump’s Davos speech, with key support holding at the 6800 level.

Silver prices pulled back from the $95 level on Wednesday as overbought conditions and market caution ahead of the BoJ decision sparked near-term selling pressure.

Gold (XAU/USD) extends the overnight pullback from the vicinity of the $4,900 mark, or a fresh all-time peak, and drifts lower through the Asian session on Thursday, snapping a three-day winning streak.

EUR/USD is losing momentum on Wednesday, hovering just below the 1.1700 mark as volatility across the FX space remains muted. The pair’s gentle pullback reflects a modest bounce in the US Dollar (USD), with markets still chewing over President Trump’s remarks at the World Economic Forum in Davos.

Spot Gold neared $4,890 on Wednesday, clinching yet another record high, as investors continued to seek refuge amid escalating geopolitical tensions triggered by United States (US) President Donald Trump.

AUD/USD’s recovery is starting to look more convincing. The pair is edging closer to a test of the 0.6800 area in the near term, while a broader push towards the psychologically important 0.7000 level is quietly starting to form in the background.