Market Recap 

XAUUSD 
XAUUSD opened the 12 May session at 4738.24 and printed an early high at 4773.48 by 03:18, brushing the 4770 area and setting both a 5‑day and a 10‑day high before reversing lower into the afternoon. Selling extended to an intraday low at 4638.20 at 18:25, which also marked a 5‑day low, establishing a total intraday span of 135.28 points, or 2.86% of the open. Price then recovered into the close, settling at 4714.97, down 23.27 on the day (-0.49%). The close sat below the open but above the session midpoint at 4705.84, leaving it in the upper half of the day’s range and back above the 4700 figure after the late-session rebound. The sequence was defined by the high in the early hours, a steady deterioration to a late afternoon trough, and a partial retracement into the bell. From a higher‑timeframe perspective, the close held above the H4 EMA‑21 at 4699.16 and the H1 SMA‑20 at 4700.36, while remaining below the D1 SMA‑50 at 4750.23; intraday trade briefly cleared that daily moving average at the session peak before retreating. Notable round‑number interactions included the test of 4770 at the high and a return to finish above 4700 by the end. On a multi‑day basis, the session’s print of both a 5‑day high and a 5‑day low underscored the broad range, with the final mark recovering to close closer to the session’s midpoint than to either extreme. 

GBPUSD 
GBPUSD finished the session ending 12:23 at 1.35264, down 0.00813 (-0.597%) from the 1.36077 open. The day’s high was set almost immediately at 00:04 at 1.36092, and the low printed at 11:11 at 1.35014, which marked a 5‑day low and placed price just above the 1.35 big figure. The intraday range measured 0.01078, equivalent to 0.79% of the open, spanning the 1.36 and 1.35 handles. With the close nearer the session floor than the peak, the structure featured an early high followed by a slide into late morning and a partial recovery into the finish. Price briefly tested levels around 1.36 in the opening minutes before trading into the mid‑1.35s; the session floor held above 1.3500 with no extension below that threshold. On higher timeframes, H4 RSI(14) stood at 43.43 by the end of the window, H4 MACD printed at -0.0, and D1 MACD was at 0.0, keeping momentum gauges around the zero line. The close sat in the lower portion of the day’s range, leaving the pair some distance below the early top and modestly off the low into the bell. No 10‑handle cross was flagged over the period, while the new trough at 1.35014 was recorded as the weakest print of the past five sessions, setting the tone for the session’s placement within recent ranges without invalidating the 1.35 figure. 

Economic Calendar Recap & Preview 

U.S. inflation set the tone: headline CPI rose 0.6 percent month over month, easing from 0.9 previously and undershooting the 0.7 forecast, while core CPI increased 0.4 percent, up from 0.2 and well above the 0.1 consensus; the CPI index level advanced to 332.41 versus 330.29 prior and a 330.75 forecast. Looking ahead to the next 24 hours, focus shifts to U.S. producer prices at 15:30 server time, with PPI month over month expected at 0.4 percent after 0.5 previously; at 17:00, BoE MPC member Catherine Mann speaks, and at 22:15, ECB President Christine Lagarde delivers remarks that could color rate expectations. A higher-than-forecast PPI can signal pipeline price pressures that may eventually pass through to consumers, and brief volatility is possible around the PPI release.