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Gold futures prices rose on March 26, remaining close to all-time highs. Analysts at ING Group noted in a report that the precious metal has risen nearly 14% since the beginning of the year as President Trumps unpredictable trade policies have driven trade and economic uncertainty and strengthened demand for safe-haven assets. Nevertheless, gold has been trading in a relatively narrow range since setting a new record. ING Group said that in the first quarter of 2025, gold-backed exchange-traded funds (ETFs) have recorded a net inflow of 155 metric tons so far, bringing total holdings to the highest level since September 2023. The group also added that given that the current total holdings are still below the peak level in 2020, there is still room for further increases in the future.On March 26, local time, the Russian Ministry of Defense reported that Ukrainian drones attacked energy facilities in Crimea, Bryansk and Kursk regions from the early morning of that day, causing power outages in many places. The Russian Ministry of Defense stated that although Ukrainian President Zelensky had publicly stated that he accepted the "stop attacking civilian energy facilities" agreement reached by the Russian and US delegations in Riyadh, the Ukrainian army continued to attack Russian energy infrastructure. The Russian side pointed out that this behavior was a violation of the agreement.The U.S. MBA mortgage purchase index for the week ending March 21 was 155.8, compared with 154.7 in the previous week.The U.S. MBA 30-year fixed mortgage rate was 6.71% in the week ending March 21, compared with 6.72% in the previous week.The U.S. MBA mortgage application activity index was 247.5 for the week ending March 21, compared with 252.5 in the previous week.

Price Analysis: AUD/USD Advances Toward 0.6740 Ahead Of PBoC's Decision

Alina Haynes

Apr 19, 2023 16:00

AUD:USD.png 

 

The AUD/USD pair strengthened to near 0.6740 after a gradual retracement. In light of the weakening U.S. dollar and the upward revision of China's growth rate forecast, the demand for Australian dollars was exceptional. The US Dollar Index (DXY) is exhibiting a dearth of volatility prior to the release of the Federal Reserve's (Fed) Beige Book.

 

The Australian Dollar remained active on Tuesday after the Reserve Bank of Australia (RBA) minutes were released. The RBA minutes revealed that policymakers actively debated a rate hike, but ultimately decided to maintain the current 3.6% rate. Philip Lowe, the governor of the Reserve Bank of Australia, stated that the central bank needs more time to compile information prior to taking action.

 

After a robust quarterly performance, forecasting agencies were enthusiastic about increasing their projections for China's Gross Domestic Product (GDP). In the future, the People's Bank of China's (PBOC) interest rate determination will be the primary event. Australia is China's greatest trading partner, and optimistic economic forecasts from China would benefit the Australian Dollar.

 

The AUD/USD exchange rate is exhibiting an Inverted Flag pattern on an hourly time frame. The Inverted Flag is a trend-following pattern that consists of a protracted consolidation followed by a decline. Participants prefer to enter an auction after a bearish bias has been established, and current vendors increase their position size during the consolidation phase of a chart pattern.

 

The 20-period Exponential Moving Average (EMA) is superimposed on the price of the asset at 0.6720, indicating lackluster performance.

 

Currently, the Relative Strength Index (RSI) (14) fluctuates between 40.00 and 60.00, indicating the absence of a possible trigger.

 

A future break above the March 22 high of 0.6759 will propel the asset toward the April 3 high of 0.6693. A breach above the latter would cause the asset to reach a new low on February 6 of 0.6855.

 

A breach of the April 10 low at 0.6620 would expose the Australian dollar to the March 10 low at 0.6564, followed by the round-number support at 0.6500, according to an alternative scenario.


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