Daily Market Analysis
In the FX Market, the U.S. Dollar was slightly lower against a basket of major currencies despite better-than-expected economic data from the U.S. Meanwhile, the Japanese Yen continues to underperform, the USDJPY pair rose to the highest levels this year reaching the 144.00 mark.
On the other hand, gold failed to preserve its intraday gains. The yellow metal found strong sellers near the 1930-1935 hourly resistance zone before reversing lower targeting last week’s low at $1910 per ounce. In the short term, gold’s rise remains limited by its lack of positive momentum as prices are still unable to break through the 1940 barrier. In the meantime, a break below the 1910 support is needed to confirm another wave of decline in the direction of the psychological support of 1900 followed by the key weekly support located at $1885 per ounce.