
AUD/USD Crushed Ahead of Jobs Report as US Dollar, Yields Surge
AUD/USD slumps towards 70c as surging US yields and a stronger dollar overshadow Australian jobs data and the RBA outlook.
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AUD/USD slumps towards 70c as surging US yields and a stronger dollar overshadow Australian jobs data and the RBA outlook.

The trading week continues, and for now gold remains under notable pressure in the short term. This can be seen in the performance of XAU/USD over the last three trading sessions, where the metal has declined by more than 2.00%, bringing a bearish bias back into focus after it had lost momentum in recent weeks.

The week has not been particularly favorable for the euro. Over the last three trading sessions, EUR/USD has declined by nearly 0.5%, once again highlighting a meaningful bearish bias in the short term.

Today's session has not been particularly favorable for the euro. Recent EUR/USD price action shows a decline of approximately 0.2% in favor of the U.S. dollar, a move largely driven by the release of the U.S. PCE inflation report and the recent recovery seen in the bond market.

USD/JPY tests new yearly highs above 163 as Treasury yields and the DXY rise, while gold’s rebound remains fragile below key resistance amid inflation and geopolitical risks.

Although gold has gained close to 1.5% over the last 2 trading sessions, this move does not yet appear to confirm a dominant buying bias. For now, the metal continues to show a more neutral behavior, with demand strength still failing to recover fully after the release of PPI inflation data in the United States.

Razan Hilal, FOREX.com Market Analyst, examines the U.S. Dollar Index and the key technical levels shaping its next move. With the DXY testing 13-month highs near a major multi-year resistance zone, short-dated Treasury yields are signalling growing conviction in a higher-for-longer rate environment. Razan breaks down the critical breakout and breakdown levels traders should watch, alongside the impact of Strait of Hormuz developments and inflation expectations.

The trading week is coming to an end, and although gold has tried to recover in the short term, the move still looks insufficient against the selling pressure that has remained in place over the past few weeks. Over the last five trading sessions, gold is still down close to -3.00%.

The 160 level remains a key resistance zone on the USD/JPY chart, defining the next structural move ahead of the Bank of Japan (BOJ) and Federal Reserve policy meetings this month.

The trading session has not been favorable for gold. The metal is down more than 1.00% on the day and has moved back below the key $4,500 area, highlighting a short-term weakness that is becoming increasingly clear.

Gold, Silver Price Outlook: The latest drawdowns across gold and silver are reigniting interest in long-term dip-buying opportunities. But is now the right time to buy the dip?

The last trading week of May is coming to an end, and gold has managed to recover some short-term bullish strength. During the session, the metal posted a gain of more than 1.2%, showing a renewed buying bias toward the end of the week.

During today’s session, and despite the release of the Federal Reserve minutes, gold managed to hold above the $4,500 per ounce area and posted a gain of more than 1.3%. However, this recovery is still not strong enough to erase the selling bias that has been in place since previous sessions, when price started to pull back from the $4,700 area.
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