Fundamental

Gold has seen buying pressure again on Monday, as the markets continue to see a lot of noise from geopolitical events, central banks and interest rate policy, and simple momentum.

The AUD/USD pair was unchanged as traders embraced a risk-off sentiment after the Supreme Court ruling on Donald Trump’s tariffs, which came out on Friday. It also wavered as traders waited for the closely-watched Australian inflation report. It was trading at 0.7055, a few points below the year-to-date high of 0.7155.

The USD/JPY pair builds on the previous day’s bounce from the 154.00 mark and gains strong follow-through positive traction on Tuesday.

EUR/USD lost its traction in the second half of the day on Monday and closed the day virtually unchanged after starting the week with a bullish gap. Early Tuesday, the pair continues to edge lower and trades below 1.1800.

Gold is testing bids under the $5,200 level early Tuesday, consolidating the uptick to one-month highs of $5,250. Buyers seem to have taken a breather after four back-to-back trading days of gains.  

EUR/USD now seems to have moved into a consolidative phase following the pair’s inability to clear the February highs north of 1.1900 the figure, somewhat stabilisng around or just below the 1.1800 region.