FxAnalysis

Despite the short-term bearish trend, the pair remains near a 3-year high, but has traded without much direction for several days, making prediction challenging.

Gold has entered a phase of upside consolidation above the $4,700 level on Tuesday, having reached its highest levels in three weeks at around $4,775 in the early Asian hours. Gold bulls now await the US Consumer Price Index (CPI) data for the next push higher.

The Aussie Dollar continues its march north almost unabated, lifting AUD/USD to the area of multi-year tops. For now, the pair’s positive outlook remains unchanged, propped up by elevated inflation in Oz and the RBA’s hawkish stance.

Silver trades around $85 per ounce in the American session on Monday, its highest in two months. The precious metal rebounded after headlines indicated that the United States (US) rejected Iran’s peace proposal.

This currency pair is still held in a range by strong resistance, but a bullish breakout beyond the $1.3637 area may be about to happen

This currency pair is still held in a range by strong resistance, but a bullish breakout beyond the $1.1800 area may be on the way.