FxAnalysis

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.

The EUR/USD pair entered consolidation mode on Wednesday, hovering around its daily opening in the 1.1730 prize zone ever since the day started. The US Dollar (USD) remains out of investors’ radar, as the risk-averse sentiment prevails.