Markets to Watch – Gold, USD/CHF, AUD/USD, GBP/USD, DAX, BTC/USD, Silver, EUR/USD

XAU/USD

Gold prices initially declined during the week but found solid support around the $4,600 level, allowing the market to rebound and climb back above $4,800. The easing interest rate environment in the United States remains a key driver, as gold typically moves inversely to rates—falling when rates rise and gaining when they decline.

Following Iran’s announcement that ships would be allowed to pass through the Strait of Hormuz without disruption during the ceasefire, prices moved higher again. Overall, the outlook suggests that short-term dips will continue to attract buyers, with the market likely targeting the $5,000 level—unless an unexpected negative event intervenes.

USD/CHF

The US dollar declined once more against the Swiss franc, settling near the 0.78 level by the end of the week. This pair remains particularly intriguing, as the interest rate differential continues to support the US dollar, while the Swiss National Bank has shown a clear willingness to step in if the franc strengthens excessively.

I would be watching for a buy-on-dips opportunity in the coming week, particularly if the 0.78 level holds as support. On the upside, the 0.80 level serves as a potential target, while on the downside, the 0.7650 level could act as key support.

AUD/USD

The Australian dollar posted a strong performance over the week, though Friday’s candlestick suggests it may be surrendering some of those gains, making near-term price action worth monitoring closely. Interest rate differentials continue to support the Aussie against many currencies, alongside strength in key commodities—particularly gold—that underpin its value.

The US dollar is currently under pressure as easing interest rates—driven by positive developments in the Middle East—continue to weigh on it. This trend is likely to persist, suggesting that any pullback in the Australian dollar, barring a renewed escalation in the region, could present a buying opportunity.

GBP/USD

The British pound has climbed notably over the course of the week, briefly breaking through the 1.3550 level, but it has struggled to hold above it. This is a currency pair I’ll be monitoring very closely.

I think the market is likely to remain quite noisy, with choppy price action. In the short term, it may push higher if the flow of positive news continues.

DAX

The German index posted a solid week, pushing toward the 25,000 level. This is a major round number with strong psychological importance, likely drawing a lot of attention and serving as a target. It’s also a clear level that has acted as resistance in the past.

A break above the 25,000 level could pave the way for a move toward 25,400. In the near term, any pullbacks are likely to be seen as buying opportunities, provided the news flow stays supportive. However, it’s important to watch Germany’s energy situation closely—any renewed disruption to oil supplies could have a serious negative impact.

BTC/USD

The Bitcoin market is one I’ve been following for some time, and it’s encouraging to see a breakout to the upside. With interest rates in the U.S. declining, assets like Bitcoin could begin to draw more attention. It now appears the market may be shifting direction, potentially targeting the $80,000 level, with $84,000 as the next area of interest.

Near-term dips may present buying opportunities. I’m not interested in shorting Bitcoin, as it showed strong resilience during the Middle Eastern conflict.

Silver

Silver has surged past the $80 level as U.S. interest rates have declined. Given the typical inverse relationship between rates and silver, this move doesn’t come as much of a surprise.

Keep a close watch on the U.S. 10-year yield—if it climbs back above 4.30%, it could weigh on silver. For now, though, short-term dips may still offer buying opportunities. Expect volatility, as that’s typical for silver, and be sure to manage your position size carefully.

EUR/USD

The euro climbed enough to break above the 1.18 level, but notably gave back some of those gains late on Friday. I’ll be keeping an eye on this pair, as it could start to pull back if broader euro weakness emerges.

A break above the weekly candlestick could open the door for a move toward the 1.20 level. However, if the market pulls back, we may simply remain within the broad range that dominated much of last year—something that can still offer solid trading opportunities. On the downside, the 1.17 and 1.16 levels are likely to act as support.