Some weeks the charts feel like they’re just drifting, but this one’s different, every headline seems to land with weight.
Powell’s careful words kept the dollar from slipping too far, Trump’s tariff threats added fuel to USD/CAD, and gold once again reminded everyone why it’s the ultimate safe haven. Meanwhile, the yen is hanging just under that big 148 level, waiting for either the Fed or the BoJ to tip the balance.
Here’s what you need to know so far:
1. Gold Holds Near Records
Gold continues to hover just under its all-time high of $3,791, trading around $3,773 as of today. The breakout from its long consolidation box between $3,330 and $3,426 has been decisive, and the structure remains firmly bullish.
Immediate resistance sits at $3,791, the record high. A clean break above opens the path toward $3,800–$3,820. On the downside, $3,703 is the first line of defense, followed by the breakout zone around $3,674. As long as gold holds above $3,674, buyers stay in control. Only a deeper slip toward $3,624–$3,600 would hint at a stronger correction.
Personally, I think gold is still in a buy-the-dip market. After such a sharp rally, consolidation is normal but until the $3,674 zone gives way, the uptrend remains very much alive.
2. USD/CAD Climbs on Tariffs
USD/CAD is trading around 1.3847, pressing right against a descending trendline that’s capped the pair since March. Each touch of this line has drawn sellers back in, so this area is crucial.
Immediate resistance stands at 1.3858, a break here could open the way toward 1.3912 and even 1.3983 if momentum builds. On the downside, first support is near 1.3784, with a deeper floor around 1.3762–1.3732. As long as price stays above this rising base, the bulls have something to lean on.
This pair looks like it is at a decision point. Either it breaks the ceiling for a fresh push higher, or the trendline acts as another rejection zone, sending it back toward support.
3. USD/JPY Steadies at Resistance
USD/JPY is trading near 147.92, pressing against heavy resistance in the 148.30–148.60 zone, an area that has capped rallies multiple times since April. Each time price entered this band, sellers quickly stepped in, making this the ceiling to watch.
Support sits just below at 147.66, with stronger layers at 146.52 and 146.36. If these levels give way, the pair could slide toward the deeper demand zone around 145.00–144.60. On the flip side, a decisive breakout above 148.60 would unlock room toward the psychological 150.00, with 151.93 (the March high) as the ultimate upside marker.
My Takeaway
Gold is still a buy-the-dip play, USD/CAD is lifted more by politics than data, and USD/JPY is stuck under 148.00 until the BoJ makes its move. These three charts are making some move right now, and for me, it’s not about guessing headlines but trading the levels when the market tips its hand.