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GBP/USD Supported by Peace Deal HopesThe GBP/USD traded at $1.246, holding steady with global market optimism. The pound found support from peace deal hopes between Ukraine and Russia but struggled against a stronger U.S. dollar, supported by rising Treasury yields and recent inflation data. The Federal Reserve’s cautious approach to rate cuts has kept the dollar firm, while UK economic concerns, including a potential GDP contraction, weigh on the pound. With upcoming U.S. PPI data, GBP/USD could face further pressure. The first resistance level for the pair will be 1.2500. In the event of this level's breach, the next levels to watch would be 1.2600 and 1.2650. On the downside 1.2340 will be the first support level. 1.2265 and 1.2100 are the next levels to monitor if the first support level is breached.
by ChartMage
Euro Gains Ground on Ukraine Peace TalksThe EUR/USD traded at $1.04 on Thursday, gaining 0.1% for the day after rebounding from earlier declines. The euro found support amid optimism over a potential peace agreement between Ukraine and Russia, spurred by encouraging progress in diplomatic discussions. Despite rising U.S. Treasury yields strengthening the dollar, the euro remained steady. U.S. inflation data exceeded expectations, tempering hopes for Federal Reserve rate cuts. While the dollar stays relatively strong, the euro’s stability suggests it could hold firm against the greenback. Moving forward, U.S. monetary policy and geopolitical events will be key factors influencing EUR/USD. From a technical standpoint, the first resistance level is at 1.0460, with further resistance at 1.0515 and 1.0600 if the price breaks higher. On the downside, initial support is at 1.0350, followed by additional levels at 1.0275 and 1.0220.
by ChartMage
Yen Below 154, Rate Cut Bets ReducedThe Japanese yen weakened past 154 per dollar, hitting its lowest level in over a week, as strong U.S. inflation data prompted traders to scale back expectations for further Federal Reserve rate cuts. Markets now anticipate just one quarter-point reduction this year. Meanwhile, Bank of Japan Governor Kazuo Ueda provided no clear indication regarding future interest rates, reaffirming the BOJ's commitment to its current policy. However, BOJ board member Naoki Tamura hinted at a possible rate hike in the latter half of fiscal 2025. The key resistance level is at 154.90, with a break above potentially opening the door to 156.00 and 157.00. On the downside, initial support stands at 151.90, followed by 151.25 and 149.20 if the decline continues.
by ChartMage
Silver Steady Amid US Tariffs, China Retaliation, and EU Trade WSilver trades around $31.8 per ounce on Wednesday, steady as safe-haven demand rises after Trump’s 25% tariff on steel and aluminum, with more expected. China’s retaliatory tariffs take effect today, while Germany warns of an immediate EU response to US tariffs. Silver is also supported by strong industrial demand, particularly in renewables, and ongoing supply shortages. Technically, the first resistance level will be 32.50 level. In case of this level’s breach, the next levels to watch would be 33.00 and 33.50. On the downside, 31.40 will be the first support level. 30.90 and 30.20 are the next levels to observe if the first support level is breached.
FOREXCOM:XAGUSD
by ChartMage
Gold Falls from $2,940 Peak Amid Fed’s Hawkish StanceGold fell below $2,900 per ounce on Wednesday, extending losses after hitting a record $2,940. The drop followed Fed signals that rate cuts aren’t imminent, shifting focus to US inflation data. While inflation hedging supports gold, the Fed’s stance limits its appeal. Safe-haven demand remains strong amid Trump’s tariffs, trade war fears, and geopolitical tensions, with Israel threatening to end the Gaza ceasefire. Dovish central banks and rising gold purchases also provide support, while India’s gold leasing rates hit record highs. Technically, the first resistance level will be 2949 level. In case of this level’s breach, the next levels to watch would be 2975 and 3000. On the downside, 2885 will be the first support level. 2830 and 2760 are the next levels to monitor if the first support level is breached.
TVC:GOLD
by ChartMage
GBP/USD Rises as Traders Scale Back Aggressive BoE Easing BetsThe British pound rose to $1.2440, rebounding from a three-week low as traders adjusted rate cut expectations after BoE policymaker Catherine Mann’s comments. Although she voted for a 50bps cut, she clarified it wasn’t a signal for aggressive easing but aimed to improve market communication. She emphasized the need to maintain monetary restrictions due to structural challenges in returning inflation to 2%, leading traders to lower 2025 rate cut expectations to 62bps. Focus now shifts to upcoming GDP estimates, Q4 figures, and December’s industrial and manufacturing output. The first resistance level for the pair will be 1.2500. In the event of this level's breach, the next levels to watch would be 1.2600 and 1.2650. On the downside 1.2340 will be the first support level. 1.2265 and 1.2100 are the next levels to monitor if the first support level is breached.
by ChartMage
EUR/USD Steady as Markets Await Key US Inflation ReportEUR/USD trades near 1.0450, with the dollar index steady at 108 on Wednesday, as markets await a key inflation report. January CPI is expected to show core inflation rising to 0.3% from 0.2% MoM, while annual inflation may ease to 3.1% from 3.2%. Fed Chair Powell told Congress the Fed isn’t rushing to cut rates, citing economic strength and inflation risks. He warned that premature easing could stall inflation progress, while delays could harm growth. Markets also assess the impact of Trump’s latest tariff hike. From a technical perspective, the first resistance level is at 1.0400, with further resistance levels at 1.0460 and 1.0515 if the price breaks above. On the downside, the initial support is at 1.0275, followed by additional support levels at 1.0220 and 1.0180.
by ChartMage
Yen Falls Below 153 as BOJ Offers Little Policy ClarityThe yen fell below 153 per dollar on Wednesday, hitting a one-week low after BOJ Governor Ueda gave little clarity on rate policy. He reiterated the BOJ's commitment to a 2% inflation target, despite board member Tamura suggesting rates may rise to 1% in late 2025. The yen also weakened as Trump’s escalating tariffs raised inflation concerns, limiting the Fed’s ability to cut rates. The key resistance level appears to be 153.85, with a break above it potentially targeting 154.90 and 156.00. On the downside, 151.90 is the first major support, followed by 151.25 and 149.20 if the price moves lower. 
by ChartMage
GBP/USD at $1.2426: NFP in FocusGBP/USD is trading around $1.2426, down 0.1%, as the market focus shifts to the U.S. jobs report. The pound is under pressure due to the BoE’s forecast of higher inflation and weaker growth, with two officials advocating for a larger rate cut. Meanwhile, the U.S. labor market is expected to add 170,000 jobs and maintain a 4.1% unemployment rate. A strong U.S. jobs report could push GBP/USD lower, while weak data may support the pound. The first resistance level is 1.2500, with the next targets at 1.2600 and 1.2650 if breached. On the downside, initial support is at 1.2340, followed by 1.2265 and 1.2100.
by ChartMage
Rate Hike Speculation Sends Yen SoaringThe Japanese yen strengthened past 152 per dollar, its highest in nearly two months, as expectations grow for continued BOJ rate hikes. BOJ board member Naoki Tamura suggested raising the policy rate to at least 1% by fiscal 2025. Household spending rose 2.7%, the first increase in five months, while real wages grew for a second month, supported by higher winter bonuses. Market speculation now focuses on a potential 5% wage increase in Japan's spring negotiations. The key resistance level is 153.85, with a break above targeting 154.90 and 156.00. On the downside, major support stands at 151.25, followed by 149.20 and 147.10.
by ChartMage
Silver Rallies on Trade War Concerns and Strong Industrial DemanSilver rose above $32 per ounce on Wednesday, a three-month high, as trade and economic uncertainties fueled safe-haven demand. A weaker US dollar also supported prices. The US delayed 25% tariffs on Mexico and Canada but enforced a 10% levy on Chinese imports, prompting Beijing to impose its own tariffs and consider sanctions on US firms. Meanwhile, the Silver Institute projected a fifth consecutive year of market deficits in 2025, driven by strong industrial demand and retail investment, offsetting weaker jewelry and silverware consumption. Technically, the first resistance level will be 32.50 level. In case of this level’s breach, the next levels to watch would be 33.00 and 33.50. On the downside, 31.80 will be the first support level. 30.90 and 30.20 are the next levels to observe if the first support level is breached.
FOREXCOM:XAGUSD
by ChartMage
Gold Holds Near Record $2,860 as Rate Cut Expectations RiseGold held near $2,860 per ounce, a record high, as expectations of lower interest rates increased its safe-haven appeal. Weak US services data signaled a potential slowdown, leading investors to anticipate two Fed rate cuts this year. The ECB and BoC have already cut rates, and the RBI and BoE are expected to follow. Gold also gained support from geopolitical risks, including Trump’s remarks on Gaza and Iran, as well as concerns over the US-China trade war’s economic impact. Technically, the first resistance level will be 2879 level. In case of this level’s breach, the next levels to watch would be 2917 and 2950. On the downside, 2830 will be the first support level. 2790 and 2760 are the next levels to monitor if the first support level is breached.
EIGHTCAP:XAUUSD
by ChartMage
Pound Hits Three-Week High as Markets Await BoE CutThe British pound rose above $1.25, its highest since January 7, as the US dollar weakened and the focus shifted to the Bank of England’s Thursday decision. Policymakers are expected to cut rates by 25bps to 4.5%, reflecting slowing growth and easing services inflation. Market sentiment remained cautious over US tariffs, with concerns about a US-China trade conflict impacting global stability. Meanwhile, UK input price inflation hit an 18-month high in January, according to the latest PMI report. The first resistance level for the pair will be 1.2500. In the event of this level's breach, the next levels to watch would be 1.2600 and 1.2650. On the downside 1.2340 will be the first support level. 1.2265 and 1.2100 are the next levels to monitor if the first support level is breached.
by ChartMage
EUR/USD Rises as Dollar Weakens Amid Trade War ConcernsThe euro climbed above $1.04 as a weaker dollar and Trump’s tariffs fueled economic concerns. China retaliated with its own levies, escalating trade tensions. Meanwhile, Eurozone business activity rebounded after two months of decline. The ECB cut rates and hinted at more easing in March, with US tariffs potentially pressuring it to loosen policy further. Investors now expect the ECB’s deposit rate to fall to 1.87% by December. From a technical perspective, the first resistance level is at 1.0400, with further resistance levels at 1.0460 and 1.0515 if the price breaks above. On the downside, the initial support is at 1.0350, followed by additional support levels at 1.0220 and 1.0180.
by ChartMage
Yen Strengthens Past 152 as BOJ Signals Possible 2025 Rate HikeThe yen strengthened past 152 per dollar, an eight-week high after BOJ board member Naoki Tamura suggested raising rates to 1% in late 2025. Finance Minister Katsunobu Kato warned of rising inflation, while strong wage data reinforced expectations of continued BOJ tightening. Real wages rose for a second month in December, with nominal wage growth hitting a 30-year high due to winter bonuses. The BOJ, which raised rates in January, remains open to further hikes. A weaker US dollar and lower Treasury yields, driven by mixed US data and easing trade war fears, also supported the yen. The key resistance level appears to be 153.85, with a break above it potentially targeting 154.90 and 156.00. On the downside, 151.90 is the first major support, followed by 151.25 and 149.20 if the price moves lower. 
by ChartMage
Manufacturing Data Fuels Silver's RiseSilver rose above $31.5 per ounce, near its highest since early December, as easing trade war fears and strong manufacturing data stimulated demand. While Trump imposed 10% tariffs on China and 25% on Canada and Mexico, a delay in Mexico’s tariffs eased protectionist concerns. The ISM reported improving U.S. factory activity, reinforcing silver’s industrial demand outlook. The Silver Institute projected a fifth market deficit in 2025, with strong industrial and retail investment demand outweighing weaker jewelry and silverware demand. Key resistance levels are 32.50, 33.00, and 33.50. Support stands at 31.80, followed by 30.90 and 30.20.
FOREXCOM:XAGUSD
by ChartMage
Gold Breaks Records Above $2,850Gold surged past $2,850 per ounce, hitting a record high as investors turned to reliable long-term assets with fears that the US-China trade war could slow global growth. While President Trump delayed tariffs on Mexico and Canada, he imposed a 10% duty on Chinese imports, prompting Beijing to announce retaliatory tariffs on US energy products effective next week. Adding to the uncertainty, Trump suggested US control over the Gaza Strip for reconstruction. Meanwhile, interest rate futures signaled rising expectations for two Fed rate cuts this year, a sharp shift from last month’s outlook. Weaker-than-expected job openings in the JOLTS report and a six-month low in factory orders reinforced this sentiment. Technically, resistance levels stand at 2879, 2917, and 2950. Support is at 2830, followed by 2790 and 2760.
EIGHTCAP:XAUUSD
by ChartMage
GBP/USD Stuck Between Fed Policy and BoE DecisionThe USD Index (DXY) remains near its weekly low as expectations grow for further Fed monetary easing. Tuesday’s JOLTS report signaled a cooling US labor market, increasing speculation of rate cuts despite inflation concerns. Global sentiment is positive after President Trump delayed tariffs on Canadian and Mexican imports, easing trade war fears. This risk-on mood weakens the USD’s safe-haven appeal while supporting GBP/USD. However, lingering US-China trade tensions and the Fed’s hawkish stance limit USD losses, keeping GBP/USD gains in check. Traders await Thursday’s BoE policy meeting with key resistance levels at 1.2500, 1.2600, and 1.2650. Support stands at 1.2340, followed by 1.2265 and 1.2100.
by ChartMage
EUR/USD Consolidates, Upside LimitedThe EUR/USD pair is struggling to sustain its recovery from the 1.0200 area, the lowest since January 13, and is fluctuating near Wednesday’s weekly high around 1.0375-1.0380, showing little change amid mixed economic signals. Tuesday’s JOLTS report signaled a US labor market slowdown, reinforcing expectations of two Fed rate cuts this year. A risk-on mood keeps the USD near its weekly low, supporting EUR/USD, but concerns over potential US tariffs on EU goods and the ECB’s dovish stance, despite a 2.5% YoY rise in Eurozone HICP for January, limit upside potential. Traders await the final Eurozone Services PMI, while the US calendar features the ADP private-sector employment report, ISM Services PMI, and Fed speeches, influencing USD demand. However, Friday’s US NFP report remains the key focus. Technically, resistance levels are at 1.0410, 1.0460, and 1.0515, while support stands at 1.0350, 1.0220, and 1.0180.
by ChartMage
Japanese Yen Surges on Wage DataThe Japanese yen strengthened past 154 per dollar on Wednesday, its highest in seven weeks, as strong wage and services data fueled expectations of a more aggressive Bank of Japan policy. Japan’s real wages rose for a second month in December, with nominal wage growth hitting a nearly 30-year high due to winter bonuses. The January services PMI was revised up to 53 from 52.7. In January, the Bank of Japan raised interest rates and signaled openness to further hikes if economic and inflation trends align. Externally, the yen gained as the US dollar weakened after Washington delayed tariffs on Mexico and Canada, while trade tensions with China eased. Key resistance stands at 155.90, with potential targets at 158.70 and 160.00. Support is at 153.00, followed by 151.90 and 149.20.
by ChartMage
Silver Analysis by zForex Research TeamSilver Gains as U.S. Factory Growth and Market Deficit Support Prices Silver rose above $31.5 per ounce, staying near its highest level since early December, as easing trade war fears and strong manufacturing data increased demand. While Trump imposed 10% tariffs on China and 25% on Canada and Mexico, a delay in Mexico’s tariffs reduced concerns over protectionist policies. The ISM reported improving U.S. factory activity, strengthening silver’s outlook as a key industrial metal. Meanwhile, the Silver Institute projected a fifth consecutive market deficit in 2025, driven by strong industrial demand and retail investment, outweighing weaker jewelry and silverware demand. Technically, the first resistance level will be 31.80 level. In case of this level’s breach, the next levels to watch would be 32.50 and 32.90. On the downside, 30.90 will be the first support level. 30.20 and 29.30 are the next levels to observe if the first support level is breached.
FOREXCOM:XAGUSD
by ChartMage
Gold Nears Record as Investors Eye U.S.China Tariffs - NFP DataGold held above $2,810 per ounce on Tuesday, near its record high, as safe-haven demand stayed strong amid global trade uncertainties. Trump postponed tariffs on Mexico and Canada for a month after steps to address border security and drug trafficking, while 10% tariffs on China are still set for today. These tariffs could increase gold's appeal as an inflation hedge but might lead to higher interest rates, weighing on non-yielding gold. Investors are also focused on this week’s U.S. labor data, especially Friday’s nonfarm payrolls, for economic insights. Technically, the first resistance level will be 2830 level. In case of this level’s breach, the next levels to watch would be 2858 and 2900. On the downside, 2760 will be the first support level. 2727 and 2710 are the next levels to monitor if the first support level is breached.
EIGHTCAP:XAUUSD
by ChartMage
GBP/USD Analysis by zForex Research TeamGBP/USD Recovers as Trump Pauses Tariffs, But Risks Persist The British pound rebounded above $1.24 after falling to $1.225, following Trump’s deal with Mexico’s President Sheinbaum to pause tariffs for a month. Uncertainty remains as Trump imposed 25% tariffs on Canada and Mexico, 10% on China, and threatened the EU and UK. Growing trade tensions have fueled expectations of Bank of England rate cuts, with markets pricing in 81bps of cuts by December and a 95% chance of a 25bps cut to 4.5% this Thursday. The first resistance level for the pair will be 1.2450. In the event of this level's breach, the next levels to watch would be 1.2500 and 1.2600. On the downside 1.2265 will be the first support level. 1.2100 and 1.1900 are the next levels to monitor if the first support level is breached.
by ChartMage