GBP/USD's short-term outlook remains positive for now. The next major target for the ongoing rally is projected to be at 1.3095, which corresponds to the 61.8% Fibonacci retracement level of the upswing from 1.0351 to 1.2445.

However, if the price drops below the minor support level at 1.2884, the intraday bias will shift to neutral, and we may witness consolidations before another potential recovery.

The GBP/USD pair is currently consolidating near a 15-month high around the 1.3130 area during the Asian trading session on Friday. The recent substantial gains made over the past couple of weeks have propelled the spot prices to their highest level since April 2022. The fundamental environment continues to favor bullish traders.

The US Dollar (USD) has been facing selling pressure for the past seven consecutive days, reaching a new 15-month low. This is attributed to growing expectations that the Federal Reserve (Fed) is nearing the end of its tightening cycle.

Conversely, the British Pound (GBP) has been supported by increasing speculation that the Bank of England (BoE) may need to raise interest rates further to address significant inflation. These factors are expected to sustain the short-term uptrend of the GBP/USD pair and act as a tailwind.

Following the anticipated 25 basis points rate hike in July, market participants are confident that the US central bank will keep interest rates unchanged for the remainder of the year.

The recent US Consumer Price Index (CPI) report indicated a further decline in consumer prices, reinforcing this view. Additionally, the US Producer Prices Index (PPI) in June showed the weakest annual increase in almost three years.

The softening labor market in the US is also contributing to a more cautious stance from the Fed, which is likely to limit the strength of the USD.

There are no significant economic data releases expected from the UK on Friday, leaving the major markets susceptible to USD price fluctuations.

The preliminary Michigan US Consumer Sentiment Index, scheduled for release later in the early North American session, may influence trading decisions and impact the USD, providing some momentum for the GBP/USD pair on the final trading day of the week.

Overall, spot prices are anticipated to continue their upward trajectory and end the week on a positive note.

GBP/USD Price Chart – Source: Tradingview

GBP/USD - Technical analysis

The GBP/USD pair continues its upward momentum, surpassing our target at 1.3080 and opening the door for further gains.

Our next objective is set at 1.3200, although we should be aware of possible sideways movements influenced by negative stochastic signals. Nevertheless, we expect positive momentum to prevail and drive the price toward our target levels.

It's important to note that a bearish correction could occur if the price drops below the level of 1.31451. This correction would indicate a temporary reversal in the overall bullish trend.

Therefore, while maintaining a predominantly bullish outlook, it is crucial to monitor the price's behavior around the support level at 1.31451. A break below this level may signal a shift toward bearish sentiment.

For today's trading, we anticipate a range between the support level at 1.3070 and the resistance level at 1.3220. Overall, the prevailing trend for the day remains bullish, but caution is advised due to the potential for a bearish correction if the price falls below 1.31451.

Daily Price Outlook

The EUR/USD pair remains strong near a 17-month high, just below the mid-1.1200s, driven by a bearish US Dollar (USD).

During Friday's Asian session, the EUR/USD pair continued its upward momentum, breaking through the year-to-date high and reaching its highest level since February 2022, trading in the range of 1.1240–1.1245.

The recent decline in the US Dollar (USD) can be attributed to expectations that the Federal Reserve (Fed) will soon end its monetary tightening cycle.

Investors are increasingly confident that the central bank will maintain interest rates at their current levels for the rest of the year, following the highly anticipated 25 basis point rate hike in July.

On the other hand, the European Central Bank (ECB) meeting minutes from June indicated that policymakers are committed to extending the current cycle of rate hikes beyond July to address inflation concerns.

The ECB's economic predictions released in June also indicated that inflation would remain above its 2% target through the end of 2025. This hawkish stance, despite indications of a potential economic slowdown, continues to support the Euro (EUR) and provide additional strength to the EUR/USD pair.

However, it is worth noting that the daily chart's Relative Strength Index (RSI) is already showing overbought conditions, which may discourage new bullish bets near the current levels. Therefore, it would be prudent to wait for some short-term consolidation or a slight pullback before considering further similar moves.

Nevertheless, considering the overall backdrop, it seems that the EUR/USD pair will face minimal resistance on its upward path, and any significant corrective decline may still be viewed as an opportunity to buy.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Technical analysis

The EUR/USD pair continues its upward trajectory, approaching our target at 1.1275. The path ahead appears favorable for further gains in the short and medium term, with a potential next significant milestone at 1.1418.

As a result, we anticipate continued upward movement in the upcoming sessions, supported by the EMA50 indicator. It is crucial to note that maintaining levels above 1.1130 is essential to sustain the bullish momentum.

A break below this level could introduce a negative element that may trigger a bearish correction on an intraday basis.

For today's trading, the projected range is expected to be between the support level at 1.1170 and the resistance level at 1.1320.

Daily Price Outlook

The upward trend in EUR/USD persists, continuing to mark gains for the day, with the intraday bias favoring an upward trajectory. The current rise from 1.0634 is projected to retest the high of 1.1094.

EUR/USD Price Outlook: Bullish momentum fuelled by July's Fed rate hike limitations

The singular remaining option for a Fed interest rate hike by year's end, owing to underwhelming US CPI data, has enabled a steady bullish momentum for the EUR/USD pair.

Nearing the 1.1150 mark, the currency pair is exhibiting strong upward momentum as the market sentiment is buoyant and the US Dollar Index (DXY) braces for a dip.

With a noticeable decrease in annualized figures due to falling used car prices, both the headline and core inflation in the US for June recorded a modest increase of 0.2%.

The US Dollar Index (DXY) has experienced a sharp plunge to approximately 101.40, and it is expected to continue this downward trajectory.

As a countermeasure to persistent inflation, the European Central Bank (ECB) is anticipated to raise interest rates further. As stated by ECB President Christine Lagarde, additional rate hikes are crucial.

EUR/USD Price Chart – Source: Tradingview

EUR/USD - Techncial analysis

The EUR/USD pair continues to show a strong bullish tendency, steadily moving towards our predicted target at 1.1184. This upward trend is bolstered by a successful breach of the bullish channel's resistance as indicated on the chart, signifying the potential for sustained upward movement in the short and medium term.

Further ascents are anticipated, potentially touching 1.1275.

As a result, we foresee continued upward movement in the upcoming trading sessions, bolstered by the support of the EMA50. It's worth noting that a drop below 1.1075 could interrupt the projected rise and might cause a bearish correction before the bullish trend resumes.

The estimated trading range for today is likely between the support level of 1.1080 and the resistance level of 1.1235.

Overall, today's trend is expected to lean towards the bullish side.

Daily Price Outlook

Currently, gold is trading at $1912.30 per troy ounce in US dollars, reflecting an increase from $1899.60 the previous day and $1817.00 a year ago. This equates to a 5.24% increase from last year and a 0.67% rise from the last market day.

The outlook for gold prices, represented as XAU/USD, seems positive as it encounters minor roadblocks around the $1,960 resistance level during the late Asian trading session.

The easing of US inflationary pressures, to a point where the Federal Reserve may only implement a single interest rate hike by year's end, is anticipated to boost the precious metal's upward trajectory.

As the second-quarter earnings season looms, the US-500 stock index is likely to exhibit some volatility despite the S&P 500 futures marking strong gains and US markets ending positively on Wednesday. A robust risk-on sentiment pervades the market.

After a five-day downward spiral, the US Dollar Index (DXY) appears to have steadied at 100.50, with reduced fears of a possible recession following a general easing in the US Consumer Price Index (CPI). The market will closely monitor the US Producer Price Index (PPI) data set to be released on Thursday.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Technical analysis

Gold prices are currently riding a strong upward trend, successfully breaking past the $1945.20 mark. A detailed examination of the chart reveals the completion of a 'double bottom' pattern, suggesting that this upward trajectory could continue in the coming trading sessions.

Our next objective is set at the $1977.25 point, and breaking past this level could trigger a further rally towards the $2000.00 mark, followed by an additional target of $2016.90.

Thus, we foresee an ongoing bullish trend in the intraday scenario, bolstered by the support from the EMA50 which is fueling this upward drive. However, it is crucial to bear in mind that a fall below the $1945.20 level could interrupt the projected rise and potentially swing the price back onto a bearish path.

Today's trading range is likely to oscillate between the support level at $1950.00 and the resistance level at $1980.00. All in all, the market trend for today is expected to lean bullish.

Daily Price Outlook

Bitcoin (BTC) faltered in its attempt to break through a significant resistance level, retreating just as it neared the mark. This pullback has seen BTC revert to its trend of range-bound trading, suggesting that short-term holders have opted to hold on to their assets instead of cashing in on profits.

Analysts continue to assess the conditions needed for the leading cryptocurrency to take a decisive step.

Bitcoin Pulls Back from $31,000; Expert Provides Analysis

Following the release of the Consumer Price Index (CPI) on Wednesday, Bitcoin's price experienced a slight uptick, nearly reaching the critical resistance point of $31,000 before dropping again.

According to Yann Allemann, co-founder of Glassnode and CEO of Swissblock Technologies, this "immediate response to the CPI data release" can be attributed to traders, likely large investors, setting buying and selling limits to control volatility.

Altcoins Set to Rally as Bitcoin's Capital Rotation Looms

If this theory holds, we might be on the cusp of an altcoin season. This term refers to the phase when profits from Bitcoin (BTC), Ether (ETH), and/or new capital, potentially from an ETF, flow into alternative cryptocurrencies.

As a result, Bitcoin's market dominance decreases due to the shift in capital, and its supremacy in terms of market capitalization shrinks. This increase in market share is a typical outcome of the altcoin season.

Despite the influence of macroeconomic factors and other market dynamics, Bitcoin's price remains stable, oscillating within a specific range. Ethereum's price is mirroring this static movement. These patterns suggest that short-term traders prefer accumulating assets over booking profits.

This trend is vital as it implies that altcoins like Ripple (XRP) will bear the brunt of regulatory crackdowns on their ilk, as long as the two leading cryptocurrencies continue their stable performance.

BTC/USD Price Chart – Source: Tradingview

BTC/USD - Technical analysis

Bitcoin's price experienced difficulty in garnering positive momentum after the release of US CPI data. Currently hovering under $30,500, there looms a possible risk of a decline towards the $29,850 mark.

Despite efforts to ascend above the resistance zone of $30,500, Bitcoin met resistance around $30,850, prompting a downward shift. The price subsequently broke beneath a linked upward trend line and the support at $30,500, plummeting to an approximate low of $30,230.

At present, Bitcoin is stabilizing its losses beneath $30,500 and the 100-hourly simple moving average.

Near-term resistance is spotted around the $30,400 level and the 100-hourly simple moving average, succeeded by the $30,550 area.

A breach above the $30,550 mark could instigate bullish momentum, potentially propelling Bitcoin towards the $30,850 resistance and then to the major resistance at $31,000.

If Bitcoin is unable to surpass the $30,500 resistance, it may undergo another downturn. Immediate support is located around the $30,230 level, followed by the next crucial support close to the $30,000 mark.

Additional declines could drive the price towards the support zone of $29,850, and potentially even lower towards $29,400.

Daily Price Outlook

During the Asian trading session, it reached a nearly three-week high. However, spot prices have slightly declined in the past hour and are currently trading near the 0.6720 level, still maintaining a gain of over 0.50% for the day.

The continuous decline in the value of the US Dollar (USD) for the past five days, fueled by rumors of the Federal Reserve (Fed) concluding its rate-hiking cycle, has been a significant positive for the AUD/USD pair.

Furthermore, a generally positive market sentiment has contributed to pushing the safe-haven dollar to a two-month low, providing support to the risk-on Australian dollar.

Nonetheless, with the upcoming release of US consumer inflation data during the early North American session, cautiousness prevails among bulls, resulting in restrained trading activities.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Technical analysis

The AUDUSD pair starts today's trading session with strong positive momentum, distancing itself from the 0.6665 level. This reinforces the expectation of a continued bullish trend on an intraday basis, with a target of 0.6780 being the main focus.

Upon closer analysis of the chart, we observe the completion of a double bottom pattern, which suggests the potential for the price to surpass the mentioned level and achieve further gains, targeting 0.6850, followed by 0.6924.

Consequently, we anticipate a predominance of bullish sentiment in the upcoming sessions, contingent on the price remaining stable above 0.6665.

The expected trading range for today is projected to be between the support level at 0.6690 and the resistance level at 0.6790.

Overall, the outlook for today's trend is bullish.

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GBP/USD Price Analysis – July 12, 2023

GOLD Price Analysis – July 12, 2023

AUD/USD Price Analysis – July 11, 2023

Daily Price Outlook

During the early European session, the price of gold (XAU/USD) surged to a new three-week high, reaching $1,941.60.

This upward movement is attributed to the significant pressure on the US Dollar Index (DXY) caused by the anticipation of a further decline in the United States Consumer Price Index (CPI) data, which has strengthened the precious metal's position above the $1,940.00 level.

S&P 500 futures, after reaching a high on Tuesday, have exhibited choppy behavior, indicating a relatively calm market sentiment in the overall positive risk profile. Investors are cautious ahead of the release of second-quarter corporate earnings and inflation figures.

The yields on US 10-year Treasury notes have slightly decreased and are currently around 3.96%.

Although the USD Index has found temporary support near 101.35, the negative bias remains strong. While it is premature to completely dismiss the US Dollar, economists at Commerzbank believe that the Friday labor market report was not as negative as anticipated.

They hold the opinion that the Federal Reserve (Fed) will raise its key rate once more at the end of July due to their view that the labor market is still too tight.

Investors are primarily focused on the upcoming inflation figures. It is predicted that both monthly and core inflation will continue to rise steadily at a rate of 0.3%.

The headline CPI annualized statistics are expected to ease to 3.1%, while core CPI is anticipated to ease to 5.0%. Additionally, investors will closely monitor the release of the Fed's Beige Book, along with the inflation data.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Technical analysis

Gold prices have successfully surpassed the $1929.00 level, confirmed by the daily candlestick closing above it. The next crucial resistance stands at $1945.20, supported by the EMA50. However, caution is advised as stochastic indicators display negative signals that could impede further upward movement.

It is recommended to remain on the sidelines until clearer signals for the next trend emerge, either by breaking the resistance at $1945.20 or the support at $1929.00.

A breach of the resistance would lead to additional gains targeting $1977.25, while breaking the support could reintroduce bearish pressure, potentially testing the $1913.15 level initially.

Breaking this level would open the path for a decline towards the next negative target at $1873.45.

The expected trading range for today is anticipated to be between the support level at $1920.00 and the resistance level at $1960.00. Overall, the trend for today is expected to be neutral.

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GBP/USD Price Analysis – July 12, 2023

AUD/USD Price Analysis – July 12, 2023

GOLD Price Analysis – July 11, 2023

Daily Price Outlook

The GBP/USD pair received support from the overall weakness in the US Dollar (USD) and other factors. After hitting a daily low of 1.2853, the pair is currently trading at 1.2923.

However, the Pound Sterling's upside potential is being limited by concerns over a hawkish stance from the Bank of England (BoE) and its impact on the economic outlook.

As labor cost data showed more stability than expected, the Pound Sterling (GBP) faced selling pressure after a strong rally above the key resistance level of 1.2900.

The increased likelihood of a significant interest rate hike by the BoE has bolstered the GBP/USD pair. The BoE recognizes that higher disposable income will boost household spending power and drive overall demand.

Looking ahead, the pound sterling may encounter strong resistance at the 1.29 level. Despite reaching its highest point since April 2022, the GBP/USD pair's upward momentum could be dampened by negative changes in risk sentiment and a mixed employment report from the UK.

Nevertheless, the pair maintains its position above 1.2910, supported by the broad-based selling pressure on the US Dollar (USD) and the potential for additional rate increases by the BoE.

Continuing its ascent, the GBP/USD pair surpassed the crucial 1.2950 level ahead of the release of US inflation data. During the early Asian session on Wednesday, the pair remains firm, moving closer to 15-month highs.

The ongoing weakness in the US Dollar (USD) and the potential for further rate hikes by the Bank of England (BoE) contribute to the pair's upward momentum.

The GBP/USD pair continues to exhibit strong upward momentum, nearing our primary target of 1.3000. We anticipate this bullish trend to persist in the upcoming sessions, with additional targets at 1.3075 in focus.

As the price remains above 1.2848, the bullish bias is expected to maintain its dominance on both intraday and short-term timeframes, supported by the presence of a bullish channel on the chart.

However, it is important to note that a bearish correction is anticipated as the GBP/USD pair has entered the overbought zone, suggesting a potential pullback in price.

For today's trading, we expect the GBP/USD pair to trade within a range, with support at 1.2890 and resistance at 1.3050.

In summary, the overall trend for today is expected to be bullish, although there is a possibility of a bearish correction. Traders should closely monitor price levels and market conditions for potential trading opportunities.

GBP/USD Price Chart – Source: Tradingview

GBP/USD - Technical analysis

The GBP/USD pair is displaying clear upward momentum as it approaches our primary target at 1.3000. We anticipate the bullish bias to persist in the upcoming sessions, aiming for additional positive targets at 1.3075.

Hence, the bullish trend is expected to maintain its dominance on both intraday and short-term bases, characterized by the presence of a bullish channel on the chart. It is crucial for the price to stay above 1.2848 to achieve the anticipated targets.

However, it is worth noting that a bearish correction is anticipated as the GBP/USD pair has entered the overbought zone.

The projected trading range for today is situated between the support level at 1.2890 and the resistance level at 1.3050.

Overall, the trend for today is expected to be bullish with a possibility of a bearish correction.

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GOLD Price Analysis – July 12, 2023

AUD/USD Price Analysis – July 12, 2023

EUR/USD Price Analysis – July 10, 2023

Daily Price Outlook

During Tuesday's Asian session, gold experienced a slight uptick in price. However, it lacks strong bullish sentiment and remains significantly below a key resistance level tested last week, near $1,935. Currently, traders are cautiously trading XAU/USD above the $1,925 mark, registering a modest gain of just over 0.10% for the day.

The weakening US Dollar provides support to the gold price.

The upcoming release of the US Consumer Price Index (CPI) holds significant importance for the Federal Reserve's near-term policy stance, which, in turn, will impact the demand for the US Dollar and potentially drive momentum in the gold price.

As the US Dollar continues to decline for the fourth consecutive day, reaching its lowest level since May 11, there is growing belief that the US central bank is nearing the end of its policy tightening cycle. This sentiment bolsters the value of gold, which is denominated in US Dollars.

Additionally, the latest US monthly employment figures, released on Friday, indicating a slowdown in the labor market, further contribute to the weakening US Dollar.

Gold Price Forecast: XAU/USD bulls target the $1,930 level amid US Dollar pressure from inflation concerns

Following a lackluster start to the week, the gold price (XAU/USD) has gained momentum and reached an intraday high around $1,928 during the mid-Asian session on Tuesday.

It is noteworthy that the primary driver behind the movements in XAU/USD appears to be the general weakness of the US Dollar, which is influenced by concerns over negative job and inflation data in the United States.

Consequently, the precious metal seems to be disregarding economic worries stemming from China and the hawkish tone of the Federal Reserve's speeches.

GOLD Price Chart – Source: Tradingview

Gold (XAU/USD) Technical analysis

Gold prices remain modestly bullish around the $1,930.00 level, demonstrating resilience below $1,934. Despite a slight loss of positive momentum indicated by the stochastic indicator, there is potential for the expected uptrend to resume on an intraday basis.

The initial target for this bullish move is at $1,913.15, with a break above this level possibly pushing the price towards the next significant target at $1,873.50.

Sustaining a position above $1,929.00 is crucial to maintain the anticipated upward momentum. If the price successfully breaches this level, it could lead to short-term gains, with the $1,945.20 level becoming a potential testing ground before any renewed negative attempts.

For today's trading, the projected range is expected to be between the support level at $1,905.00 and the resistance level at $1,940.00.

Overall, the outlook for today suggests a bullish trend in the gold market.

Daily Price Outlook

The AUD/USD pair benefited from positive Australian sentiment data and the overall weakness in the US Dollar as bulls successfully broke above the critical resistance level of 0.6700 on Tuesday morning.

The pair capitalized on the lower US jobs report and negative US inflation forecasts, while paying little attention to recent hawkish comments from the Federal Reserve and the easing inflation concerns in China.

The Westpac Consumer Confidence Index for Australia exceeded expectations in July, rising by 2.7%. Additionally, the National Australia Bank's monthly business confidence numbers for June showed encouraging results. Business conditions improved from a score of 8 to 9, while business confidence increased from -4.0% to 0.0%.

Despite these positive Australian indicators, Federal Reserve officials continued to maintain a hawkish stance, which tested the resilience of the AUD/USD bulls. Mary Daly, president of the San Francisco Federal Reserve, emphasized the need for additional rate hikes to bring inflation back to the Fed's target.

Cleveland Fed President Loretta Mester also suggested the necessity of further monetary policy tightening to address inflation concerns. Vice Chair for Supervision at the Federal Reserve, Michael Barr, emphasized the central bank's commitment to bringing inflation down to the target level.

Looking ahead, traders monitoring the AUD/USD pair should focus on the risk factors that could influence intraday movements, as the economic calendar is relatively light before the significant events on Wednesday.

AUD/USD Price Chart – Source: Tradingview

AUD/USD - Technical analysis

The AUD/USD pair has made a rebound, surpassing the 0.6665 level and closing above it, indicating the potential for a bullish wave on an intraday basis. Our analysis suggests a possible move towards the next significant level at 0.6780.

The presence above the EMA50 provides support for the anticipated bullish trend, and breaking above 0.6705 would facilitate the achievement of our target. However, the bullish trend remains valid as long as the pair does not break below 0.6665 and sustain below it.

For today's trading, the projected range is expected to be between the support level at 0.6640 and the resistance level at 0.6750.

Overall, the outlook for today indicates a bullish trend in the AUD/USD pair.