Gold tries to recover

Jing Ren Orbex

GBP/USD breaks higher

The pound advanced after resilient UK wage growth put pressure on the Bank of England to tighten policy. A new high above 1.2850 suggests a bullish continuation after a near four-week long consolidation. Such an upbeat confirmation in market sentiment would attract more trend followers. The supply zone formed by the psychological level of 1.3000 and a 15-month high of 1.3050 is next where resistance could be felt. As the RSI ventures into the overbought area again, 1.2880 is the closest support in case of a pullback.

XAU/USD bounces back

Gold bounced as Fed officials hinted at the near end of the tightening cycle. The price seems to have found a solid foundation over the psychological level of 1900 from where the bulls hope the precious metal is bottoming out. A decisive break above the recent swing high of 1935 has prompted more bears to cover in fear of a short-squeeze, which could pave the way for an extended recovery towards June’s peak of 1982 with 1955 as an intermediate hurdle. 1924 is a fresh support to keep the rebound momentum intact.

US Oil breaks key resistance

WTI crude rallied after the IEA commented that the market may tighten in the second half of the year. A close above the previous swing high of 72.50 then the 6-week high of 74.50 may open the door to a broader recovery in the medium-term by forcing the shorts to cut their losses. A bullish MA cross on the daily chart compounds the reversal pressure with 76.80 as the next target. The RSI’s double top in the overbought area may cause a limited fallback and the base of the momentum at 73.00 is the level to assess follow-up bids.

Author

Jing Ren

Orbex

Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.