Daily Global Analysis By zForex

Gold Analysis By zForex Research Team - 01.30.2025​

Gold Holds Ground After Fed Decision

Gold held around $2,760 per ounce on Thursday after a slight decline, as investors reassessed the Fed’s hawkish stance. Policymakers reaffirmed that inflation remains elevated, removing references to progress toward 2%, which weighs on gold by increasing the opportunity cost of holding non-yielding assets.

Dovish moves from other central banks supported the precious metal. The BoC ended quantitative tightening, the Riksbank cut rates, and the ECB is expected to follow. The RBI and PBoC also signaled rate cuts.

Technically, resistance is at 2,790, with further levels at 2,800 and 2,820. Support stands at 2,730, followed by 2,660 and 2,630.

1738223667822.png
1738223674763.png
 

Daily Analysis By zForex Research Team - 01.31.2025

Market Awaits Fed, Tariffs, and ECB Cuts as Volatility Rises

Markets remain volatile as traders assess central bank policies and trade tensions. The Fed held rates steady, while the ECB cut rates to 2.75% and signaled further easing. Trump reaffirmed 25% tariffs on Mexico and Canada, with a 10% tariff on China still under review. Gold surged past $2,800 on safe-haven demand, while silver hit a six-week high.

The yen gained as the BOJ signaled more rate hikes, and the dollar strengthened on economic resilience and tariff fears. Investors now await key US PCE inflation data and upcoming central bank decisions.

1738310560142.png
 

EUR/USD Analysis By zForex Research Team - 01.31.2025

Euro Weakens as ECB Signals Further Rate Reductions

The EUR/USD pair faces selling pressure near 1.0385 in Friday’s Asian session, weighed down by expectations of further ECB rate cuts. Investors await clarity on Trump’s potential tariff threats, which could impact market sentiment.

As expected, the ECB cut its deposit rate to 2.75% on Thursday, signaling the possibility of further reductions amid economic uncertainty and inflation concerns. Eurostat data showed the Eurozone economy stagnated in Q4, missing the 0.1% growth forecast after 0.4% in Q3. Germany’s Retail Sales and Unemployment data, due Friday, could provide direction.

In the US, the Fed kept rates at 4.25%-4.50% on Wednesday, with Powell ruling out immediate cuts without supporting inflation and employment data. Weaker US GDP growth of 2.3% in Q4, below forecasts, limited the dollar’s gains.

From a technical perspective, the first resistance level is at 1.0450, with further resistance levels at 1.0515 and 1.0550 if the price breaks above. On the downside, the initial support is at 1.0355, followed by additional support levels at 1.0270 and 1.0225. 

1738310598840.png
1738310605537.png
 

Silver Analysis By zForex Research Team - 01.31.2025

Silver Surges to $31.7 on Fed Speculation and Supply Deficit

Silver jumped past $31.7 per ounce on Thursday, a six-week high, as Fed policy speculation boosted demand for non-yielding assets.

The Silver Institute projected a fifth straight annual supply deficit despite higher output from China, Canada, and Chile.

Investors also assessed industrial demand, particularly from Chinese solar panel manufacturers, a key driver of silver consumption.

Technically, the first resistance level will be 32.00 level. In case of this level’s breach, the next levels to watch would be 32.50 and 32.90 consequently. On the downside 30.90 will be the first support level. 29.80 and 29.30 are the next levels to monitor if the first support level is breached.

1738310651600.png
1738310662965.png
 

Daily Analysis By zForex Research Team - 02.03.2025​

Volatility Rises Across Markets on Trump Tariffs​

The Fed held rates steady, while the ECB cut rates to 2.75% and signaled further easing.

Trump reaffirmed 25% tariffs on Mexico and Canada, with a 10% tariff on China still under review. Gold surged past $2,800, while silver hit a six-week high. The yen gained as the BOJ hinted at more rate hikes, and the dollar strengthened on economic resilience and tariff fears. Investors now await key US PCE inflation data and upcoming central bank decisions.

Ekran Resmi 2025-02-03 13.20.42.png
 
Last edited:

EUR/USD Analysis By zForex Research Team - 02.03.2025​

Euro Weakens as ECB Signals Rate Reductions

The euro dropped to $1.02, marking its lowest level in three weeks, as the U.S. dollar strengthened following President Donald Trump's decision to implement tariffs of 25% on Canadian and Mexican imports and 10% on Chinese goods starting Tuesday. Trump has also warned of potential tariffs on the European Union, prompting the region to vow a strong response. These factors added to the pressure on the euro, which was already weakened by the European Central Bank's dovish stance.

Last week, the ECB cut interest rates by 25 basis points as expected and signaled the possibility of further reductions later this year. Currently, market traders are factoring in the likelihood of three additional ECB rate cuts by the end of 2025.

From a technical perspective, the first resistance level is at 1.0300, with further resistance levels at 1.0350 and 1.0450 if the price breaks above. On the downside, the initial support is at 1.0220, followed by additional support levels at 1.0180 and 1.0120.

Ekran Resmi 2025-02-03 13.21.46.png
Ekran Resmi 2025-02-03 13.21.53.png
 

Gold Analysis By zForex Research Team - 02.03.2025​

Tariffs Fail to Spark Gold Rally
Gold fell below $2,780 per ounce as the strengthening U.S. dollar outweighed safe-haven demand following the U.S. decision to impose tariffs on imports from Canada, Mexico, and China. Trump announced a 25% tariff on Canadian and Mexican goods and a 10% levy on Chinese imports, set to take effect on Tuesday. Although such developments typically stimulate demand for gold, the appreciating dollar and interest rate outlook are limiting upward pressure. A stronger dollar makes gold more expensive for international buyers while the inflationary effects of tariffs could keep borrowing costs high, weighing on the appeal of non-yielding assets like bullion. Some investors also engaged in profit-taking after gold recently hit a record high, further contributing to its decline.

Technically, the first resistance level will be 2817 level. In case of this level’s breach, the next levels to watch would be 2858 and 2900. On the downside, 2760 will be the first support level. 2727 and 2710 are the next levels to monitor if the first support level is breached.
Ekran Resmi 2025-02-03 13.22.26.png
Ekran Resmi 2025-02-03 13.22.36.png
 

Daily Analysis By zForex Research Team - 02.04.2025​

Tariff Uncertainty and Central Bank Cues Drive Global Markets​

Global markets are navigating renewed tariff uncertainty and mixed central bank signals. Trump's proposal for gradual tariff increases is supporting the euro despite persistent dollar strength, while the yen gains on strong BOJ signals amid strong domestic inflation.

Gold and silver have rallied as safe-haven demand rises, with investors now turning to upcoming US inflation data and central bank meetings for further guidance.


1738659078513.png
 

GBP/USD Analysis By zForex Research Team - 02.04.2025​

GBP/USD Recovers as Trump Pauses Tariffs, But Risks Persist​

The British pound rebounded above $1.24 after falling to $1.225, following Trump’s deal with Mexico’s President Sheinbaum to pause tariffs for a month. Uncertainty remains as Trump imposed 25% tariffs on Canada and Mexico, 10% on China, and threatened the EU and UK. Growing trade tensions have fueled expectations of Bank of England rate cuts, with markets pricing in 81bps of cuts by December and a 95% chance of a 25bps cut to 4.5% this Thursday.

The first resistance level for the pair will be 1.2450. In the event of this level's breach, the next levels to watch would be 1.2500 and 1.2600. On the downside 1.2265 will be the first support level. 1.2100 and 1.1900 are the next levels to monitor if the first support level is breached.
1738659110570.png
1738659300303.png
 

Silver Analysis By zForex Research Team - 02.04.2025​

Silver Gains as U.S. Factory Growth and Market Deficit Support Prices​

Silver rose above $31.5 per ounce, staying near its highest level since early December, as easing trade war fears and strong manufacturing data increased demand. While Trump imposed 10% tariffs on China and 25% on Canada and Mexico, a delay in Mexico’s tariffs reduced concerns over protectionist policies. The ISM reported improving U.S. factory activity, strengthening silver’s outlook as a key industrial metal. Meanwhile, the Silver Institute projected a fifth consecutive market deficit in 2025, driven by strong industrial demand and retail investment, outweighing weaker jewelry and silverware demand.

Technically, the first resistance level will be 31.80 level. In case of this level’s breach, the next levels to watch would be 32.50 and 32.90. On the downside, 30.90 will be the first support level. 30.20 and 29.30 are the next levels to observe if the first support level is breached.

1738659335063.png
1738659342878.png
 

Daily Analysis By zForex Research Team - 02.05.2025​

Yen and Gold Shine as Uncertainty Grips Global Economy

The financial markets saw significant movements, with EUR/USD consolidating near 1.0380 with limited upside potential.

The Japanese yen surged past 154 per dollar based on strong wage data and expectations of further tightening of the Bank of Japan. Gold reached a record high above $2,850, fueled by US-China trade war fears and rising Fed rate cut expectations. GBP/USD remained range-bound as traders awaited the Bank of England's policy decision, while silver climbed above $31.5, supported by manufacturing data and projected supply deficits.

Ekran Resmi 2025-02-05 14.39.37.png
 

EUR/USD Analysis By zForex Research Team - 02.05.2025​

EUR/USD Consolidates, Upside Limited​

The EUR/USD pair is struggling to sustain its recovery from the 1.0200 area, the lowest since January 13, and is fluctuating near Wednesday’s weekly high around 1.0375-1.0380, showing little change amid mixed economic signals.

Tuesday’s JOLTS report signaled a US labor market slowdown, reinforcing expectations of two Fed rate cuts this year. A risk-on mood keeps the USD near its weekly low, supporting EUR/USD, but concerns over potential US tariffs on EU goods and the ECB’s dovish stance, despite a 2.5% YoY rise in Eurozone HICP for January, limit upside potential.

Traders await the final Eurozone Services PMI, while the US calendar features the ADP private-sector employment report, ISM Services PMI, and Fed speeches, influencing USD demand. However, Friday’s US NFP report remains the key focus.

Technically, resistance levels are at 1.0410, 1.0460, and 1.0515, while support stands at 1.0350, 1.0220, and 1.0180.

Ekran Resmi 2025-02-05 14.40.26.png
Ekran Resmi 2025-02-05 14.40.32.png
 

Gold Analysis By zForex Research Team - 02.05.2025​

Gold Breaks Records Above $2,850​

Gold surged past $2,850 per ounce, hitting a record high as investors turned to reliable long-term assets with fears that the US-China trade war could slow global growth. While President Trump delayed tariffs on Mexico and Canada, he imposed a 10% duty on Chinese imports, prompting Beijing to announce retaliatory tariffs on US energy products effective next week.

Adding to the uncertainty, Trump suggested US control over the Gaza Strip for reconstruction. Meanwhile, interest rate futures signaled rising expectations for two Fed rate cuts this year, a sharp shift from last month’s outlook. Weaker-than-expected job openings in the JOLTS report and a six-month low in factory orders reinforced this sentiment.

Technically, resistance levels stand at 2879, 2917, and 2950. Support is at 2830, followed by 2790 and 2760.

Ekran Resmi 2025-02-05 14.41.05.png
Ekran Resmi 2025-02-05 14.41.12.png
 

Daily Analysis By zForex Research Team - 02.06.2025​

Tariff Tensions and Bank Signals Drive Market Volatility

Global markets are reacting to escalating tariff threats and divergent central bank policies. The euro rebounded to $1.03 as reports of gradual tariff increases eased inflation fears, while the yen strengthened on hawkish BOJ signals amid strong domestic data.

Gold surged above $2,750 on trade war concerns and safe-haven demand, and silver rallied to a six-week high driven by Fed rate cut speculation and supply deficits. Meanwhile, GBP/USD fell from recent highs as renewed tariff threats weighed on sentiment. Investors now await further economic data and policy guidance to navigate the evolving market landscape.

Ekran Resmi 2025-02-06 10.48.05.png
 

GBP/USD Analysis By zForex Research Team - 02.06.2025​

Pound Hits Three-Week High as Markets Await BoE Cut​

The British pound rose above $1.25, its highest since January 7, as the US dollar weakened and the focus shifted to the Bank of England’s Thursday decision. Policymakers are expected to cut rates by 25bps to 4.5%, reflecting slowing growth and easing services inflation. Market sentiment remained cautious over US tariffs, with concerns about a US-China trade conflict impacting global stability. Meanwhile, UK input price inflation hit an 18-month high in January, according to the latest PMI report.

The first resistance level for the pair will be 1.2500. In the event of this level's breach, the next levels to watch would be 1.2600 and 1.2650. On the downside 1.2340 will be the first support level. 1.2265 and 1.2100 are the next levels to monitor if the first support level is breached.
Ekran Resmi 2025-02-06 10.48.54.png
Ekran Resmi 2025-02-06 10.49.02.png
 

USD/JPY Analysis By zForex Research Team - 02.06.2025​

Yen Strengthens Past 152 as BOJ Signals Possible 2025 Rate Hike​

The yen strengthened past 152 per dollar, an eight-week high after BOJ board member Naoki Tamura suggested raising rates to 1% in late 2025. Finance Minister Katsunobu Kato warned of rising inflation, while strong wage data reinforced expectations of continued BOJ tightening. Real wages rose for a second month in December, with nominal wage growth hitting a 30-year high due to winter bonuses. The BOJ, which raised rates in January, remains open to further hikes. A weaker US dollar and lower Treasury yields, driven by mixed US data and easing trade war fears, also supported the yen.

The key resistance level appears to be 153.85, with a break above it potentially targeting 154.90 and 156.00. On the downside, 151.90 is the first major support, followed by 151.25 and 149.20 if the price moves lower.

Ekran Resmi 2025-02-06 10.49.44.png
Ekran Resmi 2025-02-06 10.49.53.png
 

Daily Analysis By zForex Research Team - 02.11.2025​

Tariff Uncertainty and Bank Signals Drive Global Asset Shifts​

Global markets are reacting to evolving trade and monetary policy signals. The euro rebounded to $1.03 on reports of phased tariff increases from Trump’s team, while the yen strengthened to 155.5 on expectations of a BOJ rate hike.

Gold climbed above $2,750 per ounce driven by safe-haven demand amid trade war fears and geopolitical uncertainty, whereas the pound weakened to $1.22 amid fiscal challenges. Silver advanced to $31.70, supported by hopes of Fed rate cuts and easing tariff pressures. Investors now await further inflation data and central bank cues to steer market direction.

Ekran Resmi 2025-02-11 14.23.38.png
 

EUR/USD Analysis By zForex Research Team - 02.11.2025​

Stronger Dollar and Trump’s Tariffs Pressure Euro to $1.03​

The euro fell to $1.03 as a stronger US dollar and Trump’s global steel and aluminum tariffs pressured the currency. Expectations of a widening US-Europe interest rate gap grew, with strong US jobs data supporting the Fed’s steady policy, while the ECB recently cut rates and hinted at more easing in March. Concerns over deflation from US tariffs increased bets on further ECB cuts, with markets eyeing a deposit rate of 1.87% by December. German Chancellor Scholz warned the EU could retaliate swiftly, while trade officials signaled openness to lowering the bloc’s 10% vehicle import tax to avoid a trade war.

From a technical perspective, the first resistance level is at 1.0400, with further resistance levels at 1.0460 and 1.0515 if the price breaks above. On the downside, the initial support is at 1.0275, followed by additional support levels at 1.0220 and 1.0180.

Ekran Resmi 2025-02-11 14.24.13.png
Ekran Resmi 2025-02-11 14.24.21.png
 

Gold Analysis By zForex Research Team - 02.11.2025​

Gold Keeps Steady at Record Levels as Fed Cut Bets​

Gold held above $2,910 per ounce on Tuesday, staying near record highs as safe-haven demand grew amid trade tensions and economic uncertainty. Trump imposed broad tariffs on steel and aluminum and hinted at more this week. Geopolitical risks also rose as Hamas halted hostage releases, citing alleged Israeli ceasefire violations. Meanwhile, expectations for looser monetary policies supported gold, with markets pricing in two Fed rate cuts in 2024. The BoE and RBI recently made dovish cuts, following the ECB, Riksbank, and BoC. Central bank gold purchases, including China's third consecutive monthly increase, also supported bullion.

Technically, the first resistance level will be 2949 level. In case of this level’s breach, the next levels to watch would be 2975 and 3000. On the downside, 2885 will be the first support level. 2830 and 2760 are the next levels to monitor if the first support level is breached.


Ekran Resmi 2025-02-11 14.25.00.png
Ekran Resmi 2025-02-11 14.25.07.png
 

Daily Analysis By zForex Research Team - 02.12.2025​

Easing Policies and Trump Tariffs Drive Global Markets​

Global markets are bracing for volatility as Trump's tariff announcements and divergent central bank policies fuel uncertainty. The euro rebounded near $1.03 amid cautious ECB signals, while the yen strengthened on hawkish BOJ hints.
Gold surged above $2,710 on strong safe-haven demand driven by trade tensions, and silver hit a six-day high on insistent industrial demand and supply shortages. Meanwhile, the pound recovered following a temporary pause in tariffs, though lingering trade risks continue to weigh on sentiment. Investors now await further economic data and policy cues to chart the next market moves.

1739348323102.png
 
Back
Top