XAUUSD finds support
Gold remains firm after hitting another record, as the 2500 level becomes the latest support. The short-term price action shows a bullish outlook as it struggles to secure a foothold to prevent a reversal after the jump towards 2530. The gold price forecast suggests that 2440 could act as the bull’s second line of defense, making it a critical floor to break. Should this level hold, a move above the recent high could trigger a further rally, with 2580 as a potential target.
AUDUSD pushing for a rebound
The Australian dollar continues to climb after almost hitting a full recovery. The pair’s previous struggle to stay above 0.6700 forced some buyers to liquidate their positions. However, another bullish run has pushed the Aussie back on top as price action now looks to touch 0.6800. The resistance of 0.6780 is an important level to see if buyers remain in the market. 0.6680 is the first hurdle to lift in case of a rebound lower.
NZDUSD breaks swing high
The Aussie wasn’t the only currency on the front foot as the Kiwi also progressed against the greenback. A break above 0.6100 has attracted more buyers as the previous swing high resistance was broken. A fall below 0.6120 would expose the daily swing low of 0.6040. The RSI’s overbought condition could attract some bargain hunters, but the buy side will need to clear 0.6200 before the rally can continue.