Fundamental

The gold market initially rallied a bit during Friday but was absolutely crushed later in the session.

Most of what we are seeing in this market is likely to be due to the tensions with Iran.

The EUR/USD pair soared in the last week of January, hitting a multi-year high of 1.2082 before finally retreating and trimming most of its weekly gains to settle around the 1.1900 level.

Gold has paused its corrective downside, recapturing the $4,700 level after having tested bids under the $4,600 mark in early Asian trades on Monday.  

The Pound Sterling (GBP) accelerated its bullish momentum against the US Dollar (USD), with GBP/USD recording its highest level in four years near 1.3870 before experiencing a late pullback.

Gold (XAU/USD) kept winning this week, and on Thursday it briefly reached new all-time highs just beyond the $5,600 mark per troy ounce. Since then, the yellow metal has entered a correction phase, as some traders took profits at the right time and the US Dollar (USD) rose sharply.