technical

Gold is staging a decent comeback above $5,100 early Friday, awaiting the all-important US Nonfarm Payrolls (NFP) data for the next big directional move.  

Since the rejection from annual highs near the 1.2100 barrier in late January, the short-term outlook for EUR/USD has been deteriorating uninterruptedly. The recent break below the important 200-day SMA also opens up the possibility of further retracements in the near-term horizon.

Spot Gold resumed its slide on Thursday, accelerating south during American trading hours. The XAU/USD pair traded as low as $5,054, bouncing just modestly from the level as increased tensions in the Middle East revived demand for the US Dollar (USD).

Sticky domestic inflation and a Reserve Bank of Australia (RBA) that isn’t about to temper its hawkish attitude continue to offer an underlying cushion for the Australian Dollar (AUD), allowing for additional gains while limiting the downside.

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

The US Dollar (USD) trades with a firmer tone on Thursday, as the escalation of the Middle East war pushes investors into safety. The EUR/USD pair hovers around 1.1590, down on the day, albeit still holding within weekly limits, as the USD gains are moderated.