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Gold price eased in early Wednesday trading, on partial profit-taking, after three-day advance cracked psychological $4500.

Bounce from $4300 zone, where pullback from new record high ($4550) has been contained, closed above Fibo 76.4% of $4550/$4274 bear-leg on Tuesday, generating strong signal that corrective phase is likely over.

Renewed safe-haven demand on the latest shockwaves that Trump’s attacks on Venezuela sent through markets, lifted metal’s price, with the latest very hawkish comments from administration about further action, particularly in Greenland and some South American states, raised uncertainty and fear that is likely going to further fuel migration into safety.

Technically, gold remains in strong uptrend (since late 2022) which accelerated and steepened in 2025 (gold was up 66% last year) and still shows no significant signs of fatigue, as key price drivers continue to underpin the action and offset signals from strongly overbought monthly studies.

In the near-term, correction from $4500 is likely to be mild and provide space for consolidation and better buying levels, before bulls regain full control.

Solid supports at $4422/00 (10DMA / psychological) to ideally contain dips and keep fresh bulls intact.

Sustained break of 4500 to expose key barrier at $4550 (new record high) violation of which to generate initial signal of bullish continuation and expose projected targets at $4615 (Fibo 123.6%); $4656 (138.2%) and $4721 (161.8%) but would also unmask a magic $5000 barrier (scenario that I predicted a couple of months ago).

Res: 4500; 4550; 4615; 4656.
Sup: 4422; 4400; 4381; 4300.

Eurozone inflation edged lower in December, with flash data showing headline CPI slowing from 2.1% to 2.0% yoy, undershooting expectations of 2.1%. Core inflation also eased, with CPI excluding energy, food, alcohol and tobacco falling from 2.4% to 2.3%, below the 2.4% consensus forecast.

Services remained the dominant source of price pressure, posting an annual rate of 3.4%, down slightly from 3.5% in November. Food, alcohol and tobacco inflation ticked higher to 2.6%.

Non-energy industrial goods inflation eased further to 0.4%. Energy prices remained a strong disinflationary force, with prices falling -1.9% yoy after a smaller decline in November.

Full Eurozone CPI flash release here.

Daily Pivots: (S1) 1.1667; (P) 1.1705; (R1) 1.1726; More….

Intraday bias in EUR/USD remains neutral at this point. Rise from 1.1467 could still be in progress. Firm break of 1.1807 resistance will resume the rally to retest 1.1917 high. However, break of 1.1658 support will target 1.1467, as corrective pattern from 1.1917 has started the third leg.

In the bigger picture, as long as 55 W EMA (now at 1.1408) holds, up trend from 0.9534 (2022 low) is still in favor to continue. Decisive break of 1.2 key psychological level will carry larger bullish implication. However, sustained trading below 55 W EMA will argue that rise from 0.9534 has completed as a three wave corrective bounce, and keep long term outlook bearish.

Daily Pivots: (S1) 156.29; (P) 156.54; (R1) 156.93; More...

USD/JPY is still bounded in sideway consolidations from 157.88 and intraday bias stays neutral for the moment. Outlook will stay bullish as long as 154.33 support holds. On the upside, firm break of 158.85 key structural resistance will be an important medium term bullish sign. Next target will be 161.94 high. However, decisive break of 154.38 will turn bias to the downside for deeper correction.

In the bigger picture, corrective pattern from 161.94 (2024 high) could have completed with three waves at 139.87. Larger up trend from 102.58 (2021 low) could be ready to resume through 161.94 high. Decisive break of 158.85 structural resistance will solidify this bullish case and target 161.94 for confirmation. On the downside, break of 150.90 resistance turned support will dampen this bullish view and extend the corrective range pattern with another falling leg.

Daily Pivots: (S1) 1.3473; (P) 1.3521; (R1) 1.3549; More...

Intraday bias in GBP/USD is turned neutral with current retreat, and some consolidations would be seen below 1.3567 temporary top. But further rally is expected as long as 1.3401 support holds. ON the upside, break of 1.3567 will resume the rise from 1.3008 to retest 1.3787 high.

In the bigger picture, current development suggests that fall from 1.3787 is merely a corrective move, and larger rise from 1.0351 (2022 low) is still in progress. Firm break of 1.3787 will target 1.4248 (2021 high) key structural resistance. This will remain the favored case as long as target 38.2% retracement of 1.0351 to 1.3787 at 1.2474 holds, in case of another fall.

Daily Pivots: (S1) 0.7923; (P) 0.7942; (R1) 0.7977; More….

Intraday bias in USD/CHF stays neutral and further decline is mildly in favor with 0.7986 resistance intact. On the downside, below 0.7900 minor support will turn bias to the downside. Break of 0.7860 will target a retest on 0.7828 low. However, break of 0.7986 will argue that corrective pattern from 0.7828 is still extending with another rising leg already in progress.

In the bigger picture, outlook will stay bearish as long as 0.8332 support turned resistance holds (2023 low). Long term down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382.

Daily Pivots: (S1) 0.6713; (P) 0.6728; (R1) 0.6752; More...

Intraday bias in AUD/USD's remains on the upside at this point. Current rise from 0.6420 is part of thew hole rally from 0.5913. Next target is 61.8% projection of 0.5913 to 0.6706 from 0.6420 at 0.6910. For now, risk will stay on the upside as long as 0.6659 support holds, in case of retreat.

In the bigger picture, current development argues that rise form 0.5913 (2024 low) is reversing whole down trend from 0.8006 (2021 high). Further rally should be seen to 61.8% retracement of 0.8006 to 0.5913 at 0.7206. This will remain the favored case as long as 0.6420 support holds.

Daily Pivots: (S1) 1.3772; (P) 1.3794; (R1) 1.3837; More...

USD/CAD's break of 1.3804 resistance confirms short term bottoming at 1.3641. fall from 1.4139 might have completed. Intraday bias is back on the upside for 55 D EMA (now at 1.3857) and above. On the downside, below 1.3744 minor support will turn bias back to the downside for 1.3641.

In the bigger picture, current development suggests that price actions from 1.4791 is developing into a deeper, larger scale correction. In the less bearish case, it's just correcting the rise from 1.2005 (2021 low). But even so, break of 1.3538 will pave the way to 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365. This will remain the favored case as long as 1.4139 resistance holds, in case of rebound.

Daily Pivots: (S1) 0.9284; (P) 0.9294; (R1) 0.9310; More....

No change in EUR/CHF's outlook and intraday bias stays neutral for more consolidations. Further fall is expected as long as 0.9315 resistance holds. Firm break of 0.9268 will resume the fall from 0.9394. Next target should be a retest of 0.9178 low. However, firm break of 0.9315 will bring stronger rise back to retest 0.9394 resistance.

In the bigger picture, EUR/CHF has breached long term falling channel resistance as the rebound from 0.9278 extends. Considering bullish convergence condition in W MACD, sustained trading above 55 W EMA (now at 0.9366) will indicate medium term bottoming at 0.9178, and suggests that it's already in larger scale rebound. Further break of 0.9452 resistance will bring stronger medium term rally towards 0.9928 resistance next. Nevertheless, rejection by 55 W EMA will retain bearishness for another fall through 0.9178 at a later stage.

Daily Pivots: (S1) 0.8646; (P) 0.8655; (R1) 0.8666; More…

Intraday bias in EUR/GBP remains mildly on the downside. Fall from 0.8863 should target 0.8631 cluster support (38.2% retracement of 0.8221 to 0.8663 at 0.8618). Decisive break there will carry larger bearish implications. For now, risk will stay on the downside as long as 0.8720 support turned resistance holds, in case of recovery.

In the bigger picture, rise from 0.8221 medium term bottom is still seen as a corrective move. Upside should be limited by 61.8% retracement of 0.9267 to 0.8221 at 0.8867. Sustained trading below 55 W EMA (now at 0.8617) should confirm that this corrective bounce has completed. However, decisive break of 0.8867 will suggest that EUR/GBP is already reversing whole decline from 0.9267 (2022 high). That should pave the way back to 0.9267.