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Gold's Record Week: $2,980 MilestoneGold surged above $2,980 per ounce, hitting a record and heading for a 2% weekly gain as risk aversion and Fed rate cut expectations grew. Trump escalated trade tensions, threatening a 200% tariff on European wines after the EU's 50% tax on U.S. whiskey. February's PPI and CPI data showed easing inflation, increasing Fed flexibility for rate cuts, and raising gold's appeal. Strong ETF inflows and continued central bank purchases, with China extending its buying for a fourth month, further supported prices. Key resistance stands at 3000, with further levels at 3045 and 3100. Support is at 2980, followed by 2916 and 2885.  
EIGHTCAP:XAUUSD
by ChartMage
Pound Drops to $1.29 After Unexpected ContractionThe British pound fell to $1.29 after UK GDP unexpectedly shrank by 0.1% in January, missing forecasts of 0.1% growth, mainly due to weakness in the production sector. The Bank of England recently cut its Q1 growth forecast to 0.1% from 0.4%, with rates expected to stay at 4.5% in next week’s policy decision. Markets also await Chancellor Rachel Reeves' fiscal plans and the OBR’s economic outlook on March 26. Meanwhile, US economic concerns and trade tensions have limited the pound’s losses. If GBP/USD breaks above 1.2980, the next resistance levels are 1.3050 and 1.3100. On the downside, support stands at 1.2860, with further levels at 1.2760 and 1.2660 if selling pressure increases. 
by ChartMage
Euro Climbs on German Deal, Awaits Fitch RatingThe euro climbed toward $1.09, nearing its highest since early November, as Germany agreed on debt reform and increased spending. Chancellor-elect Friedrich Merz secured a deal with the Green and Social Democrat parties ahead of next week’s parliamentary vote. Markets await Fitch’s rating decision on France, which is due after Friday’s close. Meanwhile, trade tensions rose as Trump threatened a 200% tariff on European wines in response to the EU’s tax on American whiskey. On geopolitics, Trump called his talks with Putin on Ukraine “very good,” expressing optimism for a resolution. Key resistance is at 1.0950, followed by 1.1000 and 1.1050. Support stands at 1.0800, with further levels at 1.0730 and 1.0650.  
by ChartMage
Yen Gains on Rate Hike ExpectationsThe Japanese yen traded around 148.6 per dollar on Monday, near a five-month high, as expectations for BOJ rate hikes remained strong. However, the central bank is expected to keep its policy unchanged in this week’s meeting. Major Japanese firms approved wage hikes for the third year, boosting consumer spending and inflation, and potentially allowing future rate increases. The yen also gained from dollar weakness as US economic concerns and trade policies pushed investors toward safe-haven currencies like the yen and Swiss franc. Key resistance is at 149.20, with further levels at 152.00 and 154.90. Support stands at 147.00, followed by 145.80 and 143.00. 
by ChartMage
Silver Holds Near $33.80 as Fed Rate Cut Bets Provide SupportSilver edged lower to approximately $33.80 during early Asian trading on Friday, losing momentum. However, the downside may remain limited, as softer U.S. consumer and producer inflation data could provide room for the Federal Reserve to consider an interest rate cut in June, offering some support for the metal. Additionally, concerns over U.S. President Donald Trump's protectionist policies potentially pushing the world's largest economy into a recession could further support silver's appeal. If silver breaks above $34.00, the next resistance levels are $34.85 and $35.00. On the downside, support is at $33.80, with further levels at $33.15 and $32.75 if selling pressure increases. 
FOREXCOM:XAGUSD
by ChartMage
Gold Rallies Past $2,980 as Trade and Inflation Risks MountGold surged above $2,980 per ounce on Friday, hitting a record high and poised for a 2% weekly gain amid risk aversion and rising Fed rate cut expectations. Trump escalated trade tensions, threatening a 200% tariff on European wines after the EU imposed a 50% tax on U.S. whiskey. February's PPI and CPI data signaled easing inflation, increasing Fed flexibility for rate cuts and boosting gold’s appeal. Strong ETF inflows and continued central bank purchases, with China extending its buying for a fourth month, further supported prices. Key resistance stands at $2,985, with further levels at $3000 and $3,050. Support is at $2,930, followed by $2,900 and $2,860.  
EIGHTCAP:XAUUSD
by ChartMage
Sterling Struggles Amid Risk Aversion and US Tariff ThreatsGBP/USD extends its decline for the second consecutive session, hovering around 1.2940 during Friday's Asian trading hours. The currency pair faces difficulties as the Pound Sterling (GBP) weakens due to a negative risk sentiment, which has been further worsened by worries over global trade following US President Donald Trump's threat to impose a 200% tariff on European wines and champagne, creating market instability. If GBP/USD breaks above 1.2980, the next resistance levels are 1.3050 and 1.3100. On the downside, support stands at 1.2860, with further levels at 1.2760 and 1.2660 if selling pressure increases.
by ChartMage
Euro Weakens Against USD Ahead of Key Economic DataThe EUR/USD pair declined to around 1.0835 during Friday’s Asian session, as the Euro (EUR) weakened against the US Dollar (USD) amid rising trade tensions between the U.S. and the European Union. Later in the day, market focus will shift to key economic releases, including Germany’s February Harmonized Index of Consumer Prices (HICP) and the preliminary Michigan Consumer Sentiment Index for March. Key resistance is at 1.0950, followed by 1.1000 and 1.1050. Support stands at 1.0800, with further levels at 1.0730 and 1.0650.  
by ChartMage
Yen Slips Against USD as Tariff Concerns Increase the DollarThe yen fell below 148 per dollar on Friday, reversing gains as trade tensions increased the dollar. Trump reaffirmed plans for reciprocal tariffs starting April 2. Despite this drop, the yen remains near a five-month high, backed by expectations of BOJ rate hikes. Japanese firms agreed to wage increases for a third year, aiming to offset inflation and labor shortages. Higher wages may spur spending and inflation, giving the BOJ room for future hikes. While rates are expected to remain unchanged next week, policymakers may pursue hikes later this year. Key resistance is at 149.20, with further levels at 152.00 and 154.90. Support stands at 147.00, followed by 145.80 and 143.00. 
by ChartMage
Recession Fears Extend Silver RallySilver is trading around $33.30 per ounce during Thursday's Asian session, maintaining its upward momentum for the third consecutive session. The precious metal is benefiting from increased safe-haven demand, supported by rising trade tensions and concerns over a potential US recession. If silver breaks above $32.75, the next resistance levels are $33.15 and $33.80. On the downside, support is at $31.00, with further levels at $30.20 and $29.75 if selling pressure increases.
FOREXCOM:XAGUSD
by ChartMage
Lower US Inflation Drives Gold's SurgeGold surged to around $2,940 per ounce on Thursday, nearing record highs as escalating trade tensions boosted safe-haven demand. Trump threatened more tariffs on EU goods after retaliatory measures from the EU and Canada, while Commerce Secretary Lutnick confirmed planned trade protections on copper. Meanwhile, US inflation data came in lower than expected, easing concerns and giving the Fed more room for a less restrictive policy. However, the long-term impact of tariffs remains uncertain, with inflation risks still looming. Key resistance stands at $2,955, with further levels at $2,980 and $3,000. Support is at $2,860, followed by $2,830 and $2,790. 
EIGHTCAP:XAUUSD
by ChartMage
GBP/USD Climbs to 1.2960, Dollar Under PressureGBP/USD trades around 1.2960 in Thursday’s Asian session, extending gains for a third day as the US Dollar weakens with recession fears linked to Trump’s policies. The dollar faces further pressure after February inflation slowed more than expected, raising speculation of an earlier Fed rate cut. Headline inflation fell from 0.5% to 0.2% monthly and from 3.0% to 2.8% yearly, while core inflation dropped to 0.2% monthly and 3.1% yearly. Markets now await US PPI and jobless claims data for further economic signals. If GBP/USD breaks above 1.2980, the next resistance levels are 1.3050 and 1.3100. On the downside, support stands at 1.2860, with further levels at 1.2760 and 1.2660 if selling pressure increases.
by ChartMage
EUR/USD Drops, Awaits US PPIEUR/USD fell to around 1.0880 in Thursday’s Asian session, pressured by rising US-EU trade tensions. Market focus is on key US data, including February’s PPI and weekly jobless claims. Trump warned of retaliation against the EU’s response to his 25% steel and aluminum tariffs. The European Commission announced €26 billion ($28.4 billion) in counter-tariffs on US goods, effective April 1, with more expected mid-April. Despite trade risks, EUR/USD’s downside may be limited as concerns over Trump’s policies fueling a US recession weigh on the dollar. Inflation data came in lower than expected, easing market fears but keeping sentiment fragile. Key resistance is at 1.0950, followed by 1.1000 and 1.1050. Support stands at 1.0800, with further levels at 1.0730 and 1.0650. 
by ChartMage
Yen Supported by BOJ TighteningThe Japanese yen stabilized around 148 per dollar on Wednesday, recovering after two days of declines as a weaker US dollar offset trade conflict concerns. Trump vowed more tariffs after the EU and Canada retaliated against his steel and aluminum duties, escalating tensions. The yen remained supported by expectations of further BOJ rate hikes, driven by strong wage growth and inflation. Japanese companies approved significant wage increases for the third year, boosting consumer spending and giving the BOJ more flexibility for future hikes. Key resistance is at 149.20, with further levels at 152.00 and 154.90. Support stands at 147.00, followed by 145.80 and 143.00. 
by ChartMage
Fed Expectations Increase Silver PricesSilver surged to nearly $33 as the US Dollar fell sharply, with the DXY dropping to 103.35, its lowest in four months. Concerns over Trump’s tariff policies and their impact on the US economy fueled the dollar’s decline, supporting demand for silver. Investors now await US CPI data for February, which could influence Fed rate expectations. A slower inflation rate may increase the likelihood of a May rate cut, with odds rising to 51% from 37% in a day, further supporting Silver’s appeal as a non-yielding asset. If silver breaks above $32.75, the next resistance levels are $33.15 and $33.80. On the downside, support is at $31.00, with further levels at $30.20 and $29.75 if selling pressure increases.
FOREXCOM:XAGUSD
by ChartMage
Recession Fears Support Gold's StabilityGold held steady above $2,910 per ounce, maintaining a 1% gain. Investor sentiment shifted after Trump reversed his plan to double tariffs on Canadian steel and aluminum, just hours after the announcement. Ontario Premier Doug Ford also paused a 25% surcharge on US electricity exports. Trade uncertainties and US recession fears continued to support gold, though geopolitical tensions eased as the US restored military aid to Ukraine following a 30-day ceasefire agreement with Russia. Markets now focus on upcoming US CPI data for clues on the Fed’s rate outlook. Key resistance stands at $2,923, with further levels at $2,955 and $3,000. Support is at $2,860, followed by $2,830 and $2,790.
EIGHTCAP:XAUUSD
by ChartMage
Dollar Weakness Supports GBP Near HighsThe British pound held around $1.29, near a four-month high, as dollar weakness persisted on US economic concerns and tariff risks. Sterling was supported by expectations that UK rates will stay higher for longer, with traders pricing in only 52bps of BoE cuts in 2025. UK’s monthly GDP data for January and the Office for Budget Responsibility’s economic and borrowing forecasts on March 26 are now awaited, which could impact market sentiment. If GBP/USD breaks above 1.2950, the next resistance levels are 1.2980 and 1.3050. On the downside, support stands at 1.2860, with further levels at 1.2760 and 1.2660 if selling pressure increases.
by ChartMage
Eurozone Spending Plans Boost EuroThe euro surged past $1.09, its highest in four months, gaining 5% since early March. This rally was driven by Eurozone plans to expand deficit spending, stimulating growth prospects. Germany pushed for a €500 billion infrastructure fund, while France and Italy supported joint EU funding for economic and military initiatives. The ECB signaled a shift toward a less restrictive policy after last week’s rate cut, suggesting the easing cycle may be nearing its end. Meanwhile, US economic concerns pressured the dollar, further lifting the euro. Key resistance is at 1.0950, followed by 1.1000 and 1.1050. Support stands at 1.0800, with further levels at 1.0730 and 1.0650.
by ChartMage
Yen's Rise and the Risk of Currency VolatilityThe Japanese yen strengthened to 147 per dollar on Tuesday, its highest in five months, as US recession fears drove investors to long-term trusted assets. Trump's reluctance to dismiss recession risks, along with trade policy uncertainty, added to yen demand. Japan's economic outlook weakened as Q4 GDP growth was revised down to 2.2% from 2.8%, reflecting weak private consumption. Despite this, the BOJ is expected to keep rates steady in March, with potential hikes later. Finance Minister Shunichi Kato cautioned against excessive currency volatility amid the yen’s rapid gains. Key resistance is at 149.20, with further levels at 152.00 and 154.90. Support stands at 147.00, followed by 145.80 and 143.00.
by ChartMage
Brent Crude Struggles at $69 as Global Demand Risks MountBrent crude hovered around $69 per barrel on Tuesday as concerns grew that U.S. tariffs could slow economic growth and weaken oil demand. Tariffs imposed by President Trump on major suppliers like Canada and Mexico, along with China’s retaliatory measures, heightened fears of a global slowdown. China’s deepening deflationary pressures further weighed on crude prices despite stimulus efforts. On the supply side, Russia’s Deputy PM Alexander Novak confirmed OPEC+ plans to boost production in April but noted the decision could be reassessed if market conditions shift. Technically, the first support is at $68.1, with subsequent levels at $65 and $63.6. On the upside, the initial resistance is at $70.2, followed by $73.3 and $75.80.
BLACKBULL:BRENT
by ChartMage
Bitcoin Drops 27% from Record High Amid Market SelloffBitcoin fell to $78,000 on Monday, down 27% from its all-time high, as crypto and stock markets lost a combined $6 trillion. Crypto market capitalization dropped 4% to $2.67 trillion, its lowest since November 9, shedding $1.2 trillion since December 17. Bitcoin hit a multi-month low, falling from its January peak of $107,000. Stocks mirrored the decline, with the S&P 500 losing $1.4 trillion—its worst single-day drop since 2022. The sharp selloff reflects a shift from risk assets, with the Fear and Greed Index plunging to 14, a two-year low, signaling extreme risk aversion. This contrasts with last year’s post-Trump election rally, where the index peaked at 92. Technically, the first support for BTC is at $78k, with subsequent levels at FWB:73K and $65k. On the upside, the initial resistance is at GETTEX:89K , followed by $95k and $100k.
BITSTAMP:BTCUSD
by ChartMage
Trade Uncertainty and Fed Stance Keep Silver Prices ElevatedSilver held at $32.50 per ounce after a 4.4% weekly gain, as trade tensions and U.S. inflation data kept investors cautious. Uncertainty grew after Trump warned of new tariffs on Canadian dairy and lumber, following a U.S. delay on 25% tariffs for Canadian and Mexican goods. Canada upheld retaliatory measures, while China’s tariffs on U.S. agriculture took effect. Concerns deepened after Trump avoided recession and inflation questions in a Fox News interview. Fed Chair Powell signaled no rush for rate cuts despite rising economic risks. If silver breaks above $32.75, the next resistance levels are $33.15 and $33.80. On the downside, support is at $31.00, with further levels at $30.20 and $29.75 if selling pressure increases.
FOREXCOM:XAGUSD
by ChartMage
Gold Strengthens on Trade Tensions and Safe-Haven DemandGold prices climbed toward $2,900 per ounce on Tuesday, supported by a weaker U.S. dollar and rising safe-haven demand amid economic uncertainty and escalating trade tensions. President Trump acknowledged recession risks after the U.S. delayed 25% tariffs on Canada and Mexico, while China imposed new tariffs on U.S. agricultural goods. Meanwhile, Fed Chair Jerome Powell cited economic concerns but ruled out immediate rate cuts. Investors are now awaiting U.S. inflation data for further guidance on the Fed’s policy outlook. Key resistance stands at $2,923, with further levels at $2,955 and $3,000. Support is at $2,860, followed by $2,830 and $2,790.
EIGHTCAP:XAUUSD
by ChartMage