
Gold trades with positive bias below $4,400; Fed hike bets cap gains ahead of US CPI
Gold trades with positive bias below $4,400; Fed hike bets cap gains ahead of US CPI
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Gold trades with positive bias below $4,400; Fed hike bets cap gains ahead of US CPI

GBP/JPY Price Forecast: Struggles at 50-day SMA with bulls near 215.50

For all the talk about today's US inflation report, it is debatable whether anyone truly has a consistent edge in predicting how the data will print, let alone how markets will respond over a longer time frame. Looking at price action across major currency pairs heading into the release and identifying the technical levels that matter provides a framework as good as any for anticipating or reacting once it comes out.

The GBP/JPY continues its post-intervention recovery ahead of the US CPI report tomorrow, which could have a secondary impact on the pair.

Gold reached $4,435 after breaking resistance, but a failed breakout now puts $4,357 support and the potential path toward $4,500 in focus.

British Pound: Sterling recovery eyes 1.36 caps against US Dollar – Scotiabank

The Bank of Japan and the US Treasury Department took their swing at USD/JPY two weeks ago, but since then, bulls have been clawing back. This puts perhaps even more importance on tomorrow's US CPI report as rates markets still widely-expect the US to lift rates later this year, with an approximate 80% probability priced-in for at least one 25 bp hike.

Silver traders are watching $66.51 as CPI determines whether XAGUSD resumes its rally or retreats toward $61.75 support.

XAG/USD Price Forecast: Silver pauses recovery, holds around $65

Gold eases amid firm US Dollar as CPI and Hormuz risks loom

Silver Price Forecast: XAG pullback puts $63.50 in focus

Silver and platinum are also moving lower in today's trading session.

Crude oil and bond markets are flashing warning signs for risk assets. Yet, investors seem remarkably relaxed.

Recent reports indicate that U.S. and Iran could reach a temporary deal.

Pound Sterling Price News and Forecast: GBP/USD holds near 1.3500 as US CPI, UK GDP loom