Gold: Some clarity – OCBC

President Trump wrote on Truth Social that imports of gold will not be tariffed, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Mild bullish momentum on daily chart fades

"This helped to remove earlier confusion when media earlier reported that 1-kg and 100-oz gold bar imports from Switzerland will be tariffed at 39%. Nevertheless, there is still no formal update/ executive order passed on this. Near term, US CPI and market expectation of Fed cut trajectory may also influence gold outlook."

"XAU was last seen at 3351. Mild bullish momentum on daily chart faded while decline in RSI moderated. Key area of support around 3340/50 (21, 50 DMAs). Decisive break puts next support at 3290 levels. Resistance at 3450, 3500 (2025 high)."

Aug 12, 2025

EUR/USD tests key 50-day moving average – Société Générale

EUR/USD is rebounding toward its 50-day moving average, but resistance near 1.18 could cap gains, leaving the pair vulnerable to a pullback toward 1.1525 or lower, Société Générale's FX analysts note.

USD: We expect 0.4% MoM core CPI – ING

The dollar has found some support ahead of today’s US CPI release. Some of this may reflect profit-taking in still relatively crowded USD shorts, as well as President Trump’s decision to extend the tariff pause on China by another 90 days.