technical

Gold is down roughly 3% in Monday’s Asian trades, extending the previous week’s more than 10% loss as multiple support levels crumble.  

The EUR/USD pair bounced back in the last few days, settling for the week around 1.1530. The Iran war and central banks’ monetary policy announcements took centre stage, yet none was enough to impress speculative interest.

The Pound Sterling (GBP) staged a late rebound from near three-month lows against the US Dollar (USD), testing the critical 1.3440 supply zone.

Gold (XAU/USD) extended its slide into a third consecutive week and lost more than 6%, its worst weekly performance since March 2020, as major central banks adopted a hawkish tone because of the upside risks to inflation posed by rising energy prices.

The GBP/USD like all major currency pairs remains locked within a fairly vicious cycle, which is making day trading a rather tough affair for speculative wagers in the near-term, and things might not change soon.

The escalating war in the middle east is pushing energies higher and stocks lower, while broadly hawkish central banks are pushing up yields.