Forex Daily Forecast, Analysis and Prediction

The demand for gold has once again shown strength in the trading session on Wednesday, as investors continue to flock towards the precious metal for wealth preservation amidst an anticipated global slowdown.

The GBP/USD pair has been in a tight range in the past few days.

The WTI Crude Oil market was volatile during Wednesday's trading session, attempting to rally before losing its gains and struggling with resistance from the 50-Day EMA.

The GBP/USD rallied during the early hours of Wednesday, as the market bounces around in the same 100-point range.

The S&P 500 had a negative session early on Wednesday, sitting around the 4100 level.

Silver has shown a bit of bullish pressure during the trading session on Wednesday, consolidating near the $25 region.

The EUR/USD pair jumped to the highest point since March 2022 as concerns about the banking sector continued.

Price may be set to retest $30k area.

The GBP/JPY initially pulled back during Wednesday's trading session, testing support underneath the 165 level.

The EUR/USD has rallied slightly during Wednesday's trading session, attempting to reach above the 1.1050 level.

The AUD/USD has been on a downward trend lately, as the global economy slows down.

The price of the TRY/USD has stabilized, near its lowest level ever, during early trading on Wednesday morning.

Investors' fears about the future of Chinese economic growth coincided with expectations of a recession in the US economy, which increased the appetite of investors and markets to buy safe-havens.

The return of investors to buy safe havens helped XAU/USD (gold) prices to return to timidity to test the $2003 resistance an ounce.

Despite the US dollar's recent decline, the GBP/USD rebound did not exceed the resistance level of 1.2506, including the currency pair's strong selling operations that pushed it toward the support level of 1.2386.