Forecasts & Analysis |

As of 3:30 PM EST, both gold and silver are trading lower on the day. A stronger U.S. dollar is a major component of today’s decline in pricing.

AUD/USD managed to settle below the 20 EMA and is trying to settle below the next support level at 0.7675.

EUR/USD settled below the 20 EMA and is testing the support level at the 50 EMA.

GBP/USD settled below the support level at 1.3665.

Kimberly-Clark, an American multinational personal care corporation, reported better-than-expected earnings in the fourth quarter of 2020, sending its shares as high as 6.6% on Monday, which was also largely driven by the strong fiscal year 2021 profit outlook.

The direction of the EUR/USD into the close is likely to be determined by trader reaction to the pivot at 1.2122.

German IFO falls

We could be looking at a rangebound trade until after the release of the Fed’s interest rate and monetary policy decisions on Wednesday.

Dutch multinational conglomerate Philips said its core earnings surged 7% in the fourth quarter and said it has planned to deliver low-single-digit comparable sales growth, driven by solid demand for diagnosis & treatment and personal health.

USD/CAD tried to settle above the resistance at 1.2775.