Global Markets Watch: Gold and Dollar Trends, GBP/USD Analysis

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