Gold prices tested a breakout this morning but couldn’t hold the bid. But is something else brewing in Gold after four consecutive weeks of support at a major spot on the chart.

Yen weakness is filtering back into the equation but notably, the USD set a fresh yearly high this week while USD/JPY has not.

The US Dollar just set another fresh high as the Fed continues to prep the runway for a massive shift to policy later this year.

The focus is on the Fed this quarter and we’re already hearing some hawkish Fed-speak which is pushing Treasury yields higher – but will the FOMC actually deliver?

Yen pairs have snapped back ahead of quarter-end, is this a pullback or a reversal? Key levels remain in play on USD/JPY, EUR/JPY and GBP/JPY.

The US Dollar is testing range support after a strong showing in Q1 trade. And the door to Q2 will open with an NFP report on Friday morning, keeping USD in the crosshairs.

Stocks have continued to ramp and the Nasdaq has jumped by as much as 17.41% from the lows two weeks ago.

The USD has been overtaken by a deluge of sell orders after last week’s breakout, and some are even expecting a negative NFP print on Friday.

Euro strength has started to show after last week’s sharp sell-off, and there’s even a bullish candlestick formation that’s showing ahead of the Thursday ECB rate decision.

Gold reversed aggressively last week and slid down to a fresh monthly low. With the focus on the Fed and higher rates, the bearish theme may not be done just yet.