EUR/USD is trading at 1.08327, 0.02% down since previous day close. EUR/USD is experiencing a third consecutive losing streak due to caution ahead of US Personal Consumption Expenditures – Price Index data release. Technical analysis suggests a bullish sentiment, with immediate support around the Exponential Moving Average and psychological support at 1.079. As seen in the chart, the pair corrected up before being sideways. This indicates an a sideways market on short term basis. Slight selling bias may be recommended for the day in EUR/USD.

US100 is trading at 17898.5, 0.54% down since previous day close. Stock index futures on Wall Street fell due to uncertainty over an upcoming inflation reading and Federal Reserve officials’ warnings about sticky inflation. Nasdaq 100 Futures fell 0.2% to 17,875.00 points. Tech stocks led losses as investors locked-in profits after artificial intelligence hype drove indexes to record highs. Markets are now awaiting PCE price index data for more cues on inflation and interest rates. As seen in the chart, the index corrected down after being bullish. This indicates an either side breakout on short term basis. Selling bias may be recommended for the day in US100.

XAU/USD is trading at 2036.85, 0.11% up since previous day close. Gold price struggles to gain meaningful traction as traders await a fresh catalyst, with the Fed’s higher-for-longer interest rates narrative caps the upside for the XAU/USD. The focus will remain on the release of the US Personal Consumption Expenditures (PCE) Price Index, which will play a key role in influencing the USD price dynamics and determining the near-term trajectory for the non-yielding gold price. As seen in the chart, gold has started a rally, moving towards resistance, hence a breakout is expected, if breaches the level.