Global markets are closely watching key data releases this week, including Retail Sales and Industrial Production in the US, which could impact gold prices and the dollar index. Here’s a breakdown of current trends and technical analysis for major currencies.
Gold prices remain subdued around $2,653, facing downward pressure due to a stronger US dollar. The Dollar Index (DXY) is trading at $106.89, up 0.03%, maintaining its bullish posture above the pivot point at $106.76. Immediate resistance lies at $107.19, while support holds at $106.42.
Meanwhile, the British Pound (GBP) edged higher after stronger-than-expected Average Earnings Index, rising to 5.2% from a previous 4.3%. The Claimant Count Change eased significantly, indicating a stabilizing labor market. GBP/USD is trading at $1.26972, up 0.12%, hovering above the pivot point at $1.26663.
The Euro (EUR) traded cautiously after weak French and German Manufacturing PMIs, but services data surprised positively. EUR/USD remains under pressure below the pivot point at $1.05230, facing immediate resistance at $1.05558.
Markets will continue to focus on US Retail Sales for short-term directional cues, while watching for Tuesday’s German Ifo Business Climate and ZEW Economic Sentiment releases that could drive near-term Euro movement.
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Source: https://www.fxempire.com/forecasts/article/us-dollar-forecast-focus-shifts-to-us-retail-sales-gold-gbp-usd-and-eur-usd-outlook-1483891