Get started

Zforex

Euro Surges Above $1.08 on ECB Rate CutThe euro rose above $1.08, hitting a four-month high after the ECB’s expected 25bps rate cut. The central bank signaled a less restrictive stance but hinted at a pause in further cuts, shifting its rhetoric away from "restrictive policy." Markets now anticipate one or two more 25bps cuts this year. The euro also gained support from expectations of increased government spending. EU leaders are meeting for a special defense session, where Commission President Ursula von der Leyen proposed an €800 billion plan, including €150 billion in loans, to strengthen defense capabilities despite budget constraints. Key resistance is at 1.0840, followed by 1.0900 and 1.0950. Support stands at 1.0730, with further levels at 1.0700 and 1.0650.
by ChartMage
Yen Benefits from Dollar's Broad RetreatThe Japanese yen held around 149 per dollar, its strongest in five months, benefiting from the dollar’s decline on a stronger euro and Trump’s tariff policies. His selective tariff exemptions and retaliatory measures weakened the dollar further. Domestically, BOJ Deputy Governor Shinichi Uchida suggested possible rate hikes if economic projections align but emphasized that Japan’s monetary conditions remain highly accommodative, with only minimal reductions in government bond holdings. Key resistance is at 152.00, with further levels at 154.90 and 156.00. Support stands at 147.10, followed by 145.80 and 143.00.
by ChartMage
Precious Metals Gain as U.S. and China Exchange New TariffsSilver surged past $32.5 per ounce in early March, fueled by a weaker dollar and safe-haven demand amid escalating trade tensions. The U.S. imposed tariffs on Canada, Mexico, and an additional 10% on Chinese goods, raising China's total tariff to 20%. In response, Canada levied a 25% tariff on $155 billion of U.S. imports, while China announced 10%-15% tariffs on U.S. goods starting March 10 and new export restrictions. Traders now await Friday’s U.S. nonfarm payrolls report for Fed policy signals. If Silver breaks above $32.75, the next resistance levels are $33.15 and $33.80. On the downside, support is at $31.00, with further levels at $30.20 and $29.75 if selling pressure increases.
FOREXCOM:XAGUSD
by ChartMage
Safe-Haven Demand Lifts Gold Amid US Tariff UncertaintyGold rose above $2,920 per ounce, nearing record highs, as a weaker dollar and trade uncertainty drove safe-haven demand. Trump granted US automakers a one-month exemption from 25% Canada-Mexico tariffs and hinted at more changes. A US official suggested lifting the 10% tariff on Canadian energy if trade conditions are met. Meanwhile, China filed a revised WTO complaint in response to new US tariffs. Investors await the non-farm payrolls report for Fed policy signals. Key resistance stands at $2,923, with further levels at $2,955 and $3,000. Support is at $2,860, followed by $2,830 and $2,790.
EIGHTCAP:XAUUSD
by ChartMage
Pound Surges on BoE Policy OutlookThe British pound climbed to 1.289, its highest since November 12, increased by a weaker dollar, US economic concerns, and tariff effects. Expectations of prolonged high UK rates also supported the pound. BoE Deputy Governor Ramsden warned of persistent wage-driven inflation but noted rate cuts could accelerate if needed. The pound appears less exposed to US tariffs after Trump hinted at a possible UK trade deal. If GBP/USD breaks above 1.2920, the next resistance levels are 1.2980 and 1.3050. On the downside, support stands at 1.2860, with further levels at 1.2760 and 1.2660 if selling pressure increases.
by ChartMage
ECB Rate Cut Expected as EU Unveils €800B Defense PlanThe euro neared $1.08, a four-month high, as increased defense spending and borrowing strengthened Eurozone optimism. Germany’s CDU/CSU and SPD agreed to exceed 1% of GDP in defense spending and create a €500 billion off-budget fund. EU plans to mobilize €800 billion for defense, with €150 billion in loans and more fiscal flexibility. The ECB is expected to cut rates for the fifth time this week. Key resistance is at 1.0840, followed by 1.0900 and 1.0950. Support stands at 1.0760, with further levels at 1.0700 and 1.0650.
by ChartMage
Yen Steady Near 149 as BOJ Hints at Possible Rate HikesThe yen held near 149 per dollar, its strongest in five months, benefiting from a weaker dollar amid a stronger euro and Trump’s tariffs. While Trump eased tariffs for some automakers, retaliatory measures pressured the dollar. BOJ Deputy Governor Uchida signaled potential rate hikes if economic forecasts hold, noting financial conditions remain loose with minimal JGB reductions. Key resistance is at 152.00, with further levels at 154.90 and 156.00. Support stands at 148.60, followed by 147.10 and 145.80.
by ChartMage
Silver Faces Resistance After Recent RallySilver remained above $32 per ounce on Sunday after recent volatility, supported by a weaker dollar on soft US economic data and easing global trade war concerns. On Friday, silver hit a three-month high, driven by strong industrial demand, particularly in electrification and manufacturing. Reports showed China added 357 gigawatts of solar and wind power in 2024, boosting industrial silver use. Meanwhile, India’s Oil and Natural Gas Corp pledged INR 1 trillion for renewable energy, and Indonesia aims to add 17 gigawatts of solar capacity. Key resistance is at 33.15, with further levels at 33.80 and 34.50. Support stands at 31.40, followed by 30.90 and 30.20.
FOREXCOM:XAGUSD
by ChartMage
Gold Extends Gains as Trade War Fears MountGold climbed above $2,900 per ounce, extending its gains for a second day as fears of a global trade war fueled demand. Concerns over President Donald Trump’s proposed reciprocal tariffs added to market uncertainty, increasing gold’s appeal. However, hawkish Fed comments capped further gains. Fed Governor Michelle Bowman reiterated caution on rate cuts due to inflation risks, while Governor Christopher Waller suggested delaying reductions until inflation eases. Investors now await Wednesday’s Fed meeting minutes for more policy insights. Meanwhile, geopolitical tensions persist as markets watch for updates on a potential Russia-Ukraine ceasefire. Key resistance levels are at $2,949, $2,975, and $3,000. Support is at $2,880, with further levels at $2,830 and $2,760.
EIGHTCAP:XAUUSD
by ChartMage
GBP/USD Rises on Strong UK GDPGBP/USD climbed to 1.2595 in early Asian trading on Sunday, driven by strong UK GDP data and weaker US retail sales. January retail sales dropped 0.9%, the steepest decline in nearly two years, after a revised 0.7% rise in December, far below the expected 0.1% dip. However, year-over-year sales grew by 4.2%. Meanwhile, the UK economy expanded by 0.1% in Q4 2024, beating forecasts and strengthening the Pound. Key resistance is at 1.2600, with further levels at 1.2650 and 1.2700. Support stands at 1.2340, followed by 1.2265 and 1.2100.
by ChartMage
Fed Talk Lifts Dollar, EUR/USD Under PressureEUR/USD hovers around 1.0455, while the dollar index rebounded to 107 on Tuesday, snapping a three-day losing streak. The recovery followed remarks from Federal Reserve officials signaling a pause in rate cuts to focus on inflation control. Fed Governor Christopher Waller suggested holding off on cuts unless inflation trends match 2024 levels, while Governor Michelle Bowman stressed the need for more evidence before easing policy. Philadelphia Fed President Patrick Harker also supported maintaining current rates amid economic strength. Markets now await this week’s FOMC minutes for further rate guidance. Last week, the dollar weakened due to mixed US economic data and reduced tariff concerns. Treasury Secretary Scott Bessent noted that currency manipulation is now a key factor in trade strategy. Technically, resistance stands at 1.0515, with further barriers at 1.0600 and 1.0650. Support lies at 1.0350, followed by 1.0275 and 1.0220.
by ChartMage
Yen Dips After Strong Japan GDP DataThe Japanese yen slipped to around 151.8 per dollar, reversing a three-day rally as the dollar gained strength after Fed officials signaled reluctance to cut rates due to inflation concerns. Japan’s Q4 GDP grew 0.7% quarter-on-quarter, up from 0.4% and beating the 0.3% forecast. On an annual basis, GDP rose 2.8%, aligning with expectations and improving from 1.7% in Q3. These figures support a more hawkish outlook for the Bank of Japan, though uncertainty remains over a potential rate hike in March, with further increases expected later this year. Technically, resistance is at 154.90, with further levels at 156.00 and 157.00. Support stands at 151.25, followed by 149.20 and 147.10.
by ChartMage
Silver at $32.90, Asian Demand Fuels RiseSilver jumped to $32.90 on Friday morning, fueled by increased demand for safe-haven assets amid rising trade tensions and geopolitical risks. Additionally, strong demand from China and other Asian markets has further supported silver prices. From a technical perspective, $33.15 is the first resistance level, with further targets at $33.80 and $34.50 if the price breaks higher. On the downside, $31.40 serves as the first support level, followed by $30.90 and $30.20 if selling pressure intensifies.
FOREXCOM:XAGUSD
by ChartMage
Gold Steady, Set for Seventh Weekly GainGold traded at $2,930 per ounce, maintaining its position for a seventh weekly gain. On Thursday, President Trump instructed federal agencies to explore ways to align U.S. tariffs with those of other countries, though without immediate implementation. While the delay eased some concerns, fears of escalating global trade tensions persisted, driving investors toward gold. Meanwhile, U.S. producer inflation exceeded expectations, following strong consumer inflation data earlier in the week. This reinforced the view that the Fed is unlikely to cut interest rates soon. Despite this, gold remained resilient, supported by trade war uncertainties and a weaker dollar, which made the metal more affordable for foreign buyers. The first resistance is at $2,949, with further levels at $2,975 and $3,000 if the price moves higher. On the downside, $2,885 is the first support level, followed by $2,830 and $2,760 if selling pressure increases.
EIGHTCAP:XAUUSD
by ChartMage
GBP/USD Up on Positive Growth DataThe British pound climbed to $1.2560 after preliminary data showed the UK economy grew by 0.1% in the final quarter of 2024, defying expectations of a 0.1% contraction and outperforming the Bank of England’s forecasts. This puts the economy slightly ahead of where it was when Labour took office in July, offering some relief to the government. However, challenges remain as the Office for Budget Responsibility is set to release an updated economic and fiscal outlook on March 26, with reports indicating a lowered growth forecast. Meanwhile, the Bank of England cut interest rates by 25bps to 4.5% last week, its third reduction since beginning its easing cycle in August 2024, while also downgrading its 2025 GDP growth forecast to 0.7%. 1.2600 is the first resistance level, with further targets at 1.2650 and 1.2700 if the pair moves higher. On the downside, 1.2340 serves as the first support level, followed by 1.2265 and 1.2100 if selling pressure intensifies.
by ChartMage
Dollar Weakens as Trade Tensions EaseEUR/USD is hovering around 1.0460 on Friday morning, while the dollar index remains near 107, poised for a 1% weekly decline. The drop is driven by easing trade tensions and expectations of a softer personal consumption expenditures (PCE) price index later this month. The dollar weakened 0.8% on Thursday after President Trump directed his administration to explore reciprocal tariffs on countries with unfair trade practices. However, since these tariffs are not expected immediately, concerns over retaliation and inflation eased, reducing uncertainty around the Fed's ability to lower borrowing costs. Meanwhile, producer inflation data exceeded expectations, following strong consumer inflation figures from the previous day. Despite this, components of the report suggest that core PCE inflation, the Fed's key focus, may come in lower than anticipated. Technically, 1.0460 is the first resistance level, with further barriers at 1.0515 and 1.0600 if the pair moves higher. On the downside, initial support is at 1.0350, followed by 1.0275 and 1.0220.
by ChartMage
Yen Rallies as Trump Delays TariffsThe Japanese yen traded around 153 per dollar on Friday, following a 1% gain in the previous session. The yen strengthened as the dollar retreated sharply after President Trump delayed reciprocal tariffs, easing concerns over escalating trade tensions. The latest US PPI report also hinted that core PCE inflation, the Fed’s key metric due later this month, could come in lower than expected. Japan’s Economy Minister Ryosei Akazawa stated that Japan would respond appropriately to any US reciprocal tariffs, while the Bank of Japan’s hawkish stance continued to support the yen. Although uncertainty remains about a potential rate hike in March, the central bank is widely expected to introduce further increases later this year. Technically, 154.90 is the key resistance level, with further targets at 156.00 and 157.00. On the downside, 151.90 is the first major support, followed by 151.25 and 149.20 if the pair moves lower.
by ChartMage
Silver Prices Soar on Electrification DemandSilver rose above $32 per ounce, nearing a three-month high with high demand in the electrification sector, offsetting concerns over a hawkish Fed. The US ISM manufacturing PMI's unexpected rebound improved the manufacturing outlook, while China, India, and Indonesia encouraged investments in solar and wind power. Meanwhile, the US inflation data reduced expectations for lower Fed borrowing costs, increasing the opportunity cost of holding precious metals. The first resistance level will be 32.50 level. In case of this level’s breach, the next levels to watch would be 33.00 and 33.50. On the downside, 31.40 will be the first support level. 30.90 and 30.20 are the next levels to observe if the first support level is breached.
FOREXCOM:XAGUSD
by ChartMage
Gold Near Peak Level Despite Fed HawkishnessGold prices remained near a record high above $2,900 per ounce, as investors turned to trusted assets with rising trade tensions and economic uncertainty. The White House announced that Trump’s reciprocal tariffs could be introduced as early as Thursday, following his 25% tariff on steel and aluminum imports. These add to existing tariffs, including 10% on Chinese goods and 25% on Canadian and Mexican imports, though the latter are paused. Meanwhile, U.S. inflation data exceeded expectations, reinforcing the Fed’s cautious stance on rate cuts and weighing on gold’s appeal. Technically, resistance stands at 2,949, with further levels at 2,975 and 3,000. Support is at 2,885, followed by 2,830 and 2,760 if declines continue.
EIGHTCAP:XAUUSD
by ChartMage
GBP/USD Supported by Peace Deal HopesThe GBP/USD traded at $1.246, holding steady with global market optimism. The pound found support from peace deal hopes between Ukraine and Russia but struggled against a stronger U.S. dollar, supported by rising Treasury yields and recent inflation data. The Federal Reserve’s cautious approach to rate cuts has kept the dollar firm, while UK economic concerns, including a potential GDP contraction, weigh on the pound. With upcoming U.S. PPI data, GBP/USD could face further pressure. 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.
by ChartMage
Euro Gains Ground on Ukraine Peace TalksThe EUR/USD traded at $1.04 on Thursday, gaining 0.1% for the day after rebounding from earlier declines. The euro found support amid optimism over a potential peace agreement between Ukraine and Russia, spurred by encouraging progress in diplomatic discussions. Despite rising U.S. Treasury yields strengthening the dollar, the euro remained steady. U.S. inflation data exceeded expectations, tempering hopes for Federal Reserve rate cuts. While the dollar stays relatively strong, the euro’s stability suggests it could hold firm against the greenback. Moving forward, U.S. monetary policy and geopolitical events will be key factors influencing EUR/USD. From a technical standpoint, the first resistance level is at 1.0460, with further resistance at 1.0515 and 1.0600 if the price breaks higher. On the downside, initial support is at 1.0350, followed by additional levels at 1.0275 and 1.0220.
by ChartMage
Yen Below 154, Rate Cut Bets ReducedThe Japanese yen weakened past 154 per dollar, hitting its lowest level in over a week, as strong U.S. inflation data prompted traders to scale back expectations for further Federal Reserve rate cuts. Markets now anticipate just one quarter-point reduction this year. Meanwhile, Bank of Japan Governor Kazuo Ueda provided no clear indication regarding future interest rates, reaffirming the BOJ's commitment to its current policy. However, BOJ board member Naoki Tamura hinted at a possible rate hike in the latter half of fiscal 2025. The key resistance level is at 154.90, with a break above potentially opening the door to 156.00 and 157.00. On the downside, initial support stands at 151.90, followed by 151.25 and 149.20 if the decline continues.
by ChartMage
Silver Steady Amid US Tariffs, China Retaliation, and EU Trade WSilver trades around $31.8 per ounce on Wednesday, steady as safe-haven demand rises after Trump’s 25% tariff on steel and aluminum, with more expected. China’s retaliatory tariffs take effect today, while Germany warns of an immediate EU response to US tariffs. Silver is also supported by strong industrial demand, particularly in renewables, and ongoing supply shortages. Technically, the first resistance level will be 32.50 level. In case of this level’s breach, the next levels to watch would be 33.00 and 33.50. On the downside, 31.40 will be the first support level. 30.90 and 30.20 are the next levels to observe if the first support level is breached.
FOREXCOM:XAGUSD
by ChartMage