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US Secretary of State Mike Pompeo said “significant” sanctions would be imposed on Iran today. Chances of any trend reversal in the near-term stay low as the RSI moves, replicating the pair’s movements.

Gold traders are going to continue to take their cues from the direction of Treasury yields and the U.S. Dollar. The best chance for another spike to the upside will be on Tuesday when Federal Reserve Chairman Jerome Powell speaks.

Gains could be limited if traders decide to take the U.S.-Iran military conflict premium off the table, at least temporarily. The G-20 meeting between Trump and Xi will probably take place over the week-end so this won’t be an issue during the week unless the meeting is cancelled.

On Wednesday, expect the Reserve Bank of New Zealand to leave interest rates unchanged, while reiterating its easing bias and highlighting the risks to global growth. The RBNZ could also express concerns about rate cuts in the United States and Australia since they will have an impact on the value

Even with U.S. investors pricing in a 100-percent chance of a rate cut at the Fed’s next meeting on July 31, the direction of the USD/JPY is likely to continue to be determined by trader reaction to Treasury yields. If yields firm, the Forex pair is likely to rally on

According to Mobius Risk Group, on a national level, the first 20 days of June have been 1.5% cooler than three-year norms and 20.5% cooler than the same 20 days last year.

Energy shares buck the trend

Natural gas prices tumbled this week, droppiong 8.2%, as warm weather and declining demand weighed on prices. A higher than expected inventory estimate by the Department of Energy showed that storage grew more than expected putting additional weight on prices. With oil prices rising due to potential geopolitical conflict, US

Gold rallies on lower US rates

The pattern of consolidation then weakness is likely to continue over the near-term until there is a forecast calling for a lingering heat dome. Periodic bouts of scattered pockets of hot temperatures will not be enough to trigger a lasting rally. Oversold technical conditions could produce a short-covering rally, but

The wildcard today is the situation in the Middle East. Gold prices are likely to rally later today if there is military action by either side, but only if the U.S. Dollar weakens. If investors decide to use the dollar as a safe-haven asset then gold prices could actually weaken.

After a roughly 200 pip rally from lows, GBP/USD seems to have lost some upside moment, ahead of a critical resistance level. With a relatively light economic calendar in the session ahead, I think a range may develop.

The foundation is there for a rally today given all the positive developments this week. The rising tensions between the U.S. and Iran should underpin prices into the week-end. I’d be surprised if traders took profits ahead of the week-end given the uncertainty over current events. Speculative buying may actually

After a sharp move up yesterday, EUR/USD is taking a breather around the 1.1300 level. The pair seems to be eyeing the 200 DMA, however, it remains to be seen if the pair tests it today.

The Oil prices continued to hold on the monthly gains lingering near $57.75 bbl amid the rising Middle East tensions and hopes over a Fed rate cut. On the longer timescale, the pair appeared to maintain a downtrend clinching near the 4-month bottom.

Crude oil surges 5% lifting energy shares

Prices tumble on inventory build

Geopolitics lifts gold prices

Gold futures spiked higher early Thursday, amid speculation the Fed will cut rates at its July 31 policy meeting. The rally is being helped by another plunge in Treasury yields that weakened the U.S. Dollar against a basket of currencies. Earlier in the session, the spot gold market hit a

The trend is down and the tone bearish because the American and European weather models can’t agree on the length or duration of the heat that is expected to arrive late June/early July. Furthermore, the country seems to be divided with heat in the West, and cooler to not so