Gold has pushed to fresh record highs above 5,300, extending a well-established bullish trend. The move has been driven by a sharp decline in the US dollar, heightened geopolitical risk, and anticipation ahead of the Federal Reserve’s rate decision. With the dollar at multi-year lows and investors increasingly favouring hard-asset protection, gold remains firmly supported despite stretched technical conditions. Macro and Market Backdrop The primary driver behind gold’s latest

Australia’s latest quarterly CPI report kept inflation uncomfortably high but not convincingly strong enough to lock in a February rate hike from the Reserve Bank of Australia. While trimmed mean inflation remains elevated, market pricing and price action suggest growing scepticism that the data materially shifts near-term policy expectations. As a result, the Australian dollar reaction has been muted after a strong pre-CPI rally. CPI Report: Inflation Still Sticky, But Momen

The US dollar is experiencing a decisive loss of momentum, with recent price action reinforcing a broader structural breakdown that has been years in the making. What initially appeared as a correction is increasingly resembling the continuation of a multi-year bear trend. While short-term rebounds remain possible, the balance of risks continues to tilt toward further downside as macro, positioning, and political dynamics align against sustained dollar strength. Macro Backdro

The upcoming FOMC meeting is unlikely to deliver a change in interest rates, but it carries elevated event risk due to growing political pressure on the Federal Reserve. With rates expected to remain on hold, attention is shifting toward Fed communication and the possibility that President Trump could nominate a new Fed Chair. This political overlay has meaningful implications for the US dollar, particularly with EUR/USD testing a major technical inflection point near 1.1920.

EUR/USD has delivered a technically significant bullish breakout, but momentum has stalled at a historically important resistance zone near 1.1900. The pause reflects a broader tension in the US dollar, which is being pulled between policy-driven tolerance for weakness and resilient macro fundamentals. While momentum indicators remain constructive, price action suggests caution is warranted near current levels. Macro Backdrop: USD Caught Between Policy and Data The US dollar

USD/JPY has experienced a sharp downside break following an extended period of one-way positioning. While speculation around official intervention persists, confirmation remains absent and, from a trading perspective, secondary. What matters now is how positioning and carry dynamics evolve following the breakdown, particularly whether rallies are met with renewed demand or used as exit opportunities by longer-term longs. Macro and Policy Context The recent sell-off developed

GBP/USD has staged a sharp rebound after a three-week decline, reversing higher from a key Fibonacci support zone. The move has produced an outside weekly reversal and pushed price back into a critical resistance area near recent January highs. How the pair behaves around this zone will be decisive in determining whether the recovery can extend or if the broader corrective structure remains intact. Technical Structure The recent pullback found support at the 38.2% retracement

Gold has delivered a strong upside performance this week, extending gains for a fourth consecutive session and advancing more than 7% overall. Price action is now approaching the psychologically significant $5,000 per ounce level. The rally continues to be supported by weak substitute asset returns, particularly falling US Treasury yields, alongside fragile market confidence. As long as these conditions persist, the broader bias for gold remains constructive. Macro Backdrop:

The Bank of Japan left policy unchanged in January, holding the overnight call rate at 0.75% in a widely expected decision. While inflation language was modestly firmed and growth forecasts were upgraded, markets treated the outcome as largely neutral. With rate expectations already well priced, attention now turns to Governor Ueda’s press conference, which may prove more influential for near-term USD/JPY direction. From a technical perspective, USD/JPY remains in a well-defi

Market sentiment has stabilised following a brief period of USD weakness tied to geopolitical uncertainty. President Trump’s more constructive remarks on the US economy and the removal of near-term tariff threats have helped restore confidence, allowing the US dollar to find firmer footing. As a result, GBP/USD and USD/CAD have both rebounded from key technical zones, with price now approaching areas that will determine whether broader trends reassert or consolidation extends