Market View: Wednesday, March 4, 2026
The US dollar index surged yesterday, supported by higher energy prices; gold rebounded to the $5,170 level after reaching $5,000; EURUSD has broken key support; Bitcoin stabilized above $69,000.
- The USD continued strengthening against major currencies. Further gains are likely in the near term risk-off environment.
- XAUUSD dipped toward $5,000 as the market couldn’t help ignoring a sharp surge in oil prices. However, the metal managed to bounce back to $5,170.
- EURUSD dipped to 1.5300 as rising energy prices negatively impacted the eurozone economic outlook.
- BTC stays less volatile than the mentioned assets. Looks like bitcoin settlements keep gaining the upper hand in the Middle Eastern area, holding its ground.
Today’s focus
| USD ISM Non-Manufacturing Prices (Feb) due at 17:00 MT time |
FX snapshot
XAUUSD
Gold dipped as the repricing of interest rate expectations shifted the speculative buying bias. However, the metal remains in focus, still fully structured.
EURUSD
EURUSD has broken down the 1.16200 key support, declining toward 1.15300. The pair faces a clear downward trend, and the strong dollar continues to weigh on the euro.
BTC
Bitcoin stays near the $69,500 trading zone and shows some short-term positive technical signals. However, broader downside risks remain if the global risk appetite weakens further.
| Pair | Key support | Key resistance | Bias |
| XAUUSD | 5,000 | 5,200 | Bearish |
| EURUSD | 1.15300 | 1.16300 | Bearish |
| BTC | 67,700 | 70,000 | Neutral |
Market sentiment
The war of the United States and Israel against Iran is once again raising inflation concerns in financial markets. In this scenario, geopolitics itself becomes secondary. What truly matters are the macroeconomic consequences: renewed inflation pressure along with the repricing of global interest rates. The inflation risk is leading the narrative right away. The next decisive move will depend on whether the market shifts back to growth fears or deepens global instability.
