The EUR shows limited growth, with weak European data restraining its potential, awaiting U.S. economic indicators that could influence volatility. GBP is moving bullishly despite weak UK economic growth, but remains cautious ahead of the Fed’s meeting. JPY rises on strong performance, bolstered by expectations of future rate hikes by the Bank of Japan, though it faces pressure from U.S. retail sales data. Gold hit record highs as a weaker dollar and expectations of U.S. rate cuts supported its upward momentum, though a deeper correction is possible if the price falls below key levels.

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EUR/USD

• Current Outlook: The EUR/USD is in a bullish trend, supported by hawkish comments from the ECB and a weakening U.S. dollar. However, the momentum is limited by disappointing European economic data. U.S. retail sales, industrial production, and housing market statistics will heavily influence the pair’s movements.
• Support Levels: 1.1068, 1.1051, 1.1013, 1.0950
• Resistance Levels: 1.1134, 1.1191, 1.1275
• Forecast: A correction is likely in the near term, especially if U.S. economic data is stronger than expected. If the price consolidates above the 1.1134 resistance level, it may target the next level at 1.1191. A breakdown below 1.1068 would indicate a resumption of the downtrend, with 1.1013 being the next key support.

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GBP/USD

• Current Outlook: The GBP/USD is also bullish, with expectations of weaker U.S. economic data supporting the pound. However, the lack of major economic data releases from the UK and the anticipation of the Fed meeting is restraining significant moves. With inflationary pressures persisting in the UK, the BoE is likely to remain hawkish.
• Support Levels: 1.3182, 1.3115, 1.3086, 1.3033
• Resistance Levels: 1.3230, 1.3306
• Forecast: The pair will likely face resistance at 1.3230, and if buyers fail to push above this level, a reversal toward the support at 1.3182 could occur. Strong U.S. data could push the pair down toward the lower support levels. A breakout above 1.3230 would signal continued upward momentum toward 1.3306.

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USD/JPY

• Current Outlook: USD/JPY is experiencing a bearish trend, with the yen strengthening due to expectations of tighter monetary policy by the Bank of Japan. The Fed’s decision on interest rates will likely dictate the short-term movement in the pair. U.S. retail sales came in better than expected, but this hasn’t significantly shifted the pair’s trend.
• Support Levels: 140.37, 139.82
• Resistance Levels: 141.72, 143.04
• Forecast: The pair is trading close to its support levels at 140.37 and 139.82. A failure to hold these levels would result in further downside movement, targeting 138.26. On the other hand, a break above the 141.72 resistance could trigger a move towards 143.04, although this is less likely without strong U.S. data.

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Gold (XAU/USD)

• Current Outlook: Gold is trading at record highs, supported by a weak dollar and expectations of aggressive Fed rate cuts. Investor sentiment remains bullish, with safe-haven demand boosting prices.
• Support Levels: 2574, 2541, 2528, 2513
• Resistance Levels: 2575, 2600
• Forecast: The bullish trend in gold is likely to continue, especially with expectations of U.S. rate cuts. The key resistance level to watch is 2600, a psychological barrier. A breakout above this level could signal further gains. If prices break below the 2574 support, a deeper correction toward 2541 or even 2513 is possible.

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Summary

• EUR/USD: Bullish bias but faces corrective risks.
• GBP/USD: Bullish with strong resistance at 1.3230.
• USD/JPY: Bearish trend likely to continue unless U.S. data surprises to the upside.
• Gold: Bullish with a potential to break above 2600, but corrections could occur if dollar strength returns.

Trading Considerations:

• EUR/USD: Watch for U.S. data to gauge momentum.
• GBP/USD: UK inflation report will be crucial for near-term direction.
• USD/JPY: Watch for support levels to break for further downside.
• Gold: Maintain a bullish stance but be cautious of pullbacks.