Precious Metals Advance as FX Tracks Hormuz (08.11.2026)
Gold climbed above $4,400, reaching a two-month high as Chinese demand strengthened. Gold-backed ETFs recorded their longest inflow streak in months, while the PBOC added around 20 tons to reserves in July, its largest monthly purchase since October 2023.
Chinese inflation slowed to 0.5% in July, while producer price growth eased to 3.5%, pointing to weak domestic demand. Beijing responded with plans for faster fiscal spending and bond issuance, alongside further support for equipment upgrades and consumer trade-ins.
Oil stayed firm as uncertainty over reopening the Strait of Hormuz persisted, with Brent above $84 for a third session. Iran reported progress in talks with Oman but said reopening would take time, while fresh attacks on regional energy infrastructure kept supply risks in focus.
Economic Calendar
| Time | Cur. | Event | Forecast | Previous |
|---|---|---|---|---|
| 17:00 | USD | Existing Home Sales (Jul) | 4.05M | 4.09M |
Euro Holds Near Key Averages
EUR/USD remains pressured near its 100-day moving average despite rebounding past the 50-day level. Strong technical indicators maintain a constructive outlook, where a decisive move above 1.1600 could pave the way toward 1.1700 and the 200-day average.
Markets are weighing conflicting reports regarding the Strait of Hormuz. Iranian officials indicated a shipping agreement with Oman is approaching, though immediate reopening remains unlikely. Meanwhile, improving Eurozone growth expectations provide underlying currency support.
The first resistance is positioned at 1.1570 while the support starts from 1.1500.
Gold Reaches Two-Month High
Gold climbed past $4,400 per ounce on Tuesday, touching a two-month peak as demand for safe-haven assets grew despite persistent inflation and interest rate anxieties stemming from elevated crude prices.
Chinese institutional buyers continued expanding positions to counter market volatility, driving ETF inflows to multi-month records. The People’s Bank of China accelerated its official accumulation, acquiring approximately 20 tons in July, its largest monthly increase since late 2023.
First resistance is seen at $4430, with initial support near $4440.
Yen Weakens Past 159
The Japanese yen dropped past 159 per dollar on Tuesday, erasing about half of its recent intervention-led recovery and testing official support limits. Tokyo and Washington previously executed a record joint yen-buying operation in late July after the currency touched 40-year lows, aiming to protect broader financial stability.
However, the lack of follow-up measures from central authorities has left investors disappointed, reigniting downward momentum.
First resistance is seen at 160.00, with initial support near 158.60.
Sterling Consolidates Peak Levels
The British pound hovered near $1.349, remaining close to multi-week highs as investors digested conflicting updates on US-Iran talks and potential Strait of Hormuz developments. While Iranian officials signaled progress on a regional shipping framework, direct negotiations with Washington were dismissed.
Also, disappointing US employment data curbed Federal Reserve rate hike expectations, providing support for Sterling. Domestically, the Bank of England held interest rates steady while highlighting disinflation progress. UK employment indicators showed stabilizing permanent hires, rising temporary vacancies, and strong initial salary growth.
From a technical view, resistance stands near 1.3530, with support around 1.3400.
Silver Hits Seven-Week Peak
Silver rose toward $65.5 per ounce on Tuesday, touching a seven-week high as robust investment flows elevated precious metals despite energy-driven inflation and interest rate concerns. The metal gained additional momentum from strong industrial consumption within solar and power grid sectors.
Furthermore, Chinese silver ore imports surged 62.5% year-over-year in June, illustrating substantial physical demand.
From a technical view, resistance stands near $65.80, while support is located around $65.00.
Bitcoin (BTC/USD)
Bitcoin traded at $64,087, up 176 points or 0.28% from the previous session.
The cryptocurrency has gained 0.50% over the past four weeks but remains down 46.67% over the last 12 months. Trading Economics forecasts Bitcoin at $66,236 by quarter-end and $73,276 within one year.
First resistance is seen at 65,900, with initial support near
Brent Crude Oil
Brent climbed above $84 per barrel, extending gains for a third session as uncertainty over Hormuz persisted.
Iran said talks with Oman were close to an agreement but warned reopening would take time, while demanding an end to the naval blockade, sanctions relief, and compensation for war damage. The Houthis also claimed an attack on Saudi Arabia’s Jazan refinery, while an ADNOC tanker was hit in Hormuz.
Resistance is seen at 88.10, while the nearest support stands at 86.70.
Nasdaq 100
The US 100 Tech Index traded at 29,674, down 100 points or 0.34% on Tuesday. The index has lost 1.40% over the past four weeks but remains 24.47% higher over the last 12 months. Trading Economics forecasts 29,092 by quarter-end and 27,281 within one year.
Resistance stands at 30,000, while the nearest support is located at 29,500.
Offshore Chinese Yuan
The offshore yuan weakened to around 6.74 per dollar, pulling back from a more than three-year high after softer inflation pointed to weak domestic demand.
Consumer inflation slowed to 0.5% in July, a six-month low, while producer price inflation eased to 3.5% from 4.1%.
Beijing pledged stronger support through faster fiscal spending, bond issuance, equipment upgrades, and consumer trade-in programs, with domestic consumption still weak despite solid exports and industrial production.
Resistance stands at 6.7550 while the nearest support is located at 6.7400.
