XAUUSD bounces back
Gold moved higher after a brief sell-off with a firm rejection towards the previous record high. A combination of a break above the daily resistance of 2450 indicates that sentiment has turned around following a dip towards 2400. Gold levels like 2435, near a previous swing low, is where buying has reemerged, and an initial pop above the first resistance of 2450 could have eased the recent selling pressure. The recent peak of 2480 is the first target ahead, and its breach would resume the climb.
EURUSD hitting higher highs
The US dollar sees further weakness against its main competitor as the Fed gives further signals of impending rate cuts. The pair gave back some gains after moving over the 1.1000 level last week. Sentiment remains bullish as long as the price is above the critical support of 1.0950, which is the confluence of the 20-day SMA. A bullish RSI divergence would be encouraging as selling interests would fade. 1.1040 is the first resistance to clear before a rally can gain traction.
USOIL seeks support
WTI crude lost some steam after a firm failure swing at the psychological level of 80.00. A break above the previous high of 78.00 has attracted momentum buyers, extending the recovery. The RSI’s double top in the overbought area could limit the bullish drive and give buyers some breathing room. 76.50 is the closest support, and 72.40 at the start of a breakout would be the Bulls’ second line of defence. A rebound would bring the commodity to the supply zone around 80.80.
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