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Oil prices steadied near $58.00 after an early-week slide, as India’s decision to halt Russian crude imports helped limit further downside pressure. Meanwhile, dovish expectations from the Federal Reserve and persistent weakness in the US Dollar provided some relief to commodity markets, boosting overall sentiment. Broader risk appetite improved slightly as traders balanced geopolitical headlines with cautious optimism around global demand.
Gold climbed above $4,200, extending gains as traders priced higher odds of Fed rate cuts and leaned into safe-haven assets amid renewed geopolitics and shutdown risk. The metal’s advance is broad-based, supported by dollar softness and higher real-term demand from investors seeking inflation/monetary-policy hedges.
Geopolitical Risks: Elevated geopolitical tensions and US–China headlines continue to underpin safe-haven flows into gold.
US Economic Data: Softer US inflation or delayed releases amplify rate-cut expectations, which favor bullion.
FOMC Outcome: Markets are pricing greater odds of Fed easing, reducing real yields and supporting gold.
Trade Policy: Escalating trade risks increase demand for non-yielding assets as risk insurance.
Monetary Policy: A dovish global central-bank backdrop keeps structural support for precious metals.
Trend: Strongly bullish after breaching the $4,000 area; momentum remains to the upside.
Resistance: Near-term resistance sits around $4,260–$4,300.
Support: Initial support is at $4,120, then $4,050.
Forecast: Expect continuation of the uptrend while price holds above $4,050; intermittent profit-taking likely but dips should find buyers.
Market Sentiment: Bullish — traders treat pullbacks as accumulation opportunities.
Catalysts: Fed comments/minutes, US inflation prints, and major geopolitical developments will be decisive.
WTI trades near $58.00, holding losses after earlier declines but showing limited downside following India’s halt on Russian oil imports. The market reaction suggests the policy move has removed some oversupply concerns, while demand cues remain mixed.
Geopolitical Risks: India’s import decision and any regional supply developments are front-and-center for near-term crude risk premia.
US Economic Data: Softer US demand indicators keep pressure on oil fundamentals.
Trade Policy: Any easing in US–China tensions helps demand growth prospects; trade disruptions would be negative.
Trend: Neutral-to-slightly bearish after recent slide; stabilization signs near $58.00.
Forecast: Expect rangebound trade around $56.50–$60.50 unless fresh supply signals (OPEC+, India flows) or strong demand data emerge.
Market Sentiment: Cautiously constructive — oversupply narrative moderates but demand remains the key unknown.
Catalysts: EIA/API inventory reports, OPEC+ commentary, India import follow-ups, and China demand indicators.
The US Dollar Index has slid to just above a one-week low (mid-98s), reflecting softer US yield dynamics and growing Fed-cut bets. The decline has boosted commodity prices and GBP/EUR/commodity-linked FX, though DXY remains sensitive to any reversal in risk sentiment.
Geopolitical Risks: Easing trade tensions (or improved diplomacy) reduce safe-haven dollar demand.
US Economic Data: Weaker or delayed US data amplifies dovish Fed pricing and puts downward pressure on the dollar.
FOMC Outcome: Any confirmation of a dovish tilt in Fed communications will likely extend DXY weakness.
Trend: Neutral-to-bearish while below recent highs; vulnerability below mid-98.00s.
Resistance: 99.20, then 99.80–100.20.
Support: 98.30, then 97.70.
Market Sentiment: Cautiously risk-on as dollar hedges unwind.
Catalysts: Fed Chair remarks, FOMC minutes, US inflation/retail figures, and major trade headlines.
NZD/USD has gathered strength to near 0.5750 as US government shutdown fears and USD weakness boost demand for selective risk currencies. The Kiwi’s move reflects both Asia-Pacific risk flows and improved sentiment toward commodity exporters.
Geopolitical Risks: Prolonged US shutdown fears increase volatility but can support FX pairs like NZD when USD softness dominates.
US Economic Data: Soft US prints augment Fed-cut expectations, aiding NZD recovery.
FOMC Outcome: Dovish Fed cues would further relieve dollar pressure and help NZD/USD.
Trend: Modestly bullish as pair recovers from recent losses.
Resistance: 0.5775–0.5800, then 0.5840.
Support: 0.5710, then 0.5670.
Forecast: Expect consolidation with upside potential toward 0.5800 if USD softness persists; reversals likely if risk sentiment deteriorates.
Market Sentiment: Risk-on tilt for NZD as dollar hedges ease.
Catalysts: US shutdown developments, China trade/PMI data, and RBNZ commentary.
USD/CAD remains below 1.4050, pressured by both a softer Dollar backdrop and recent stabilisation in oil markets after India’s policy change on Russian imports. The Loonie is receiving some support from commodity cues even as US-China trade concerns linger.
Geopolitical Risks: Energy-flow shifts (India’s import move) and global trade headlines influence CAD via oil market dynamics.
US Economic Data: Continued soft US data will keep the USD under pressure and weigh on USD/CAD.
FOMC Outcome: Dovish Fed messaging lowers USD upside and supports CAD in the near term.
Trade Policy: Any resolutions or escalations in US–China ties will affect risk appetite and commodity demand — key for CAD.
Trend: Mildly bearish for USD/CAD while below 1.4050.
Resistance: 1.4050–1.4085.
Support: 1.3980, then 1.3920.
Forecast: Expect rangebound to modestly lower action toward 1.3980 if oil and risk sentiment remain supportive for CAD.
Market Sentiment: CAD-friendly as dollar pressures fade and oil finds support.
Catalysts: Oil inventory data, BoC/Fed commentary, and US–China trade headlines.
Market attention now turns to fresh data releases from the US Energy Information Administration (EIA) and commentary from Federal Reserve officials, which may offer clues on the next policy direction. Traders are also closely monitoring any follow-up from India’s oil import stance and potential responses from OPEC+, as these could influence short-term supply dynamics and crude’s next move.
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