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The gold price has faced intense selling pressure throughout the month. Although gold rebounded after hitting a fresh multi-month low on Monday, bulls failed to sustain upward momentum.
The British pound has remained strong against various currencies, including the dollar, the yen, and commodity-linked currencies, after the UK inflation data. Technically, although the short-term trend is positive, the detailed analysis indicates that bulls are finding it difficult to sustain the upward momentum.
Bitcoin surged past $71,500 on Monday following President Donald Trump’s announcement of a five-day pause on strikes against the Iranian energy sites. However, despite this sharp rebound, Bitcoin is having difficulty maintaining upward momentum, suggesting that sellers are still active.
Volatility has gripped markets throughout this month. Looking ahead, geopolitical tensions in the Middle East and concerns about inflation continue to be the main factors influencing market activity this week.
AUD/USD is attempting to stabilize around 0.7090 after a strong rebound on Thursday. However, it is premature to conclude that the consolidation phase dominated by the Aussie has ended.
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