Analyzes

EUR/USD is stabilizing at the 50-day EMA, but strong resistance near 1.18 and ongoing rate and energy pressures keep the pair rangebound.

The GBP/USD pair edges higher during the first half of the European session on Friday and recovers a part of the previous day’s losses to levels just below mid-1.3400s, or a nearly two-week trough.

Gold is testing the $4,700 level early Friday, holding at its weakest level in over a week and eyeing the first weekly drop in five weeks.

Silver came under selling pressure in the second half of Thursday, as risk aversion fueled US Dollar (USD) demand.

Current global circumstances should be highly favorable for Gold, which functions as a safe-haven asset when geopolitical tensions arise and also acts as a store of value when fiat currencies decline during prolonged inflationary periods. That’s a nice theory, but this isn’t happening now. 

The USD/JPY pair builds on last week’s bounce from the vicinity of mid-157.00s and prolongs its uptrend for the fourth straight day on Thursday.