(XAUUSD)Gold attempts to bounce back
(XAUUSD)Gold remains pressured after failing to lift away from the current bottom. However, at least the price seems to have secured a foothold around the psychological level of 3300, and a tentative break above 3340 suggests further buying pressure. But the yellow metal needs a decisive close above 3370 at the last swing high to flush out the remaining selling interests and extend the rebound towards 3400. On the downside, 3330 serves as immediate support to maintain momentum.
USDJPY finds support
The US dollar steadies after plummeting in recent sessions against the Yen. The pair has hit support from August’s liquidation and hit a double bottom in the process. An emerging bearish divergence on the RSI suggests a further deceleration is still possible. 146.20 is the first support, and its breach would force leveraged long positions to close and trigger a deeper sell off. 147.50 over would be a crucial level to expect buyers to return the bullish sentiment.
USOIL remains bearish
WTI posted another weekly decline as concerns are raised over China’s demand. A bounce off the critical floor of 63.00 will now need to break the psychological level of 65.00 to show that the buy side has not thrown in the towel yet. The narrowing consolidation is due for a breakout, which will dictate the next directional move. The previous swing high of 64.00 is a major hurdle to lift before a sustained recovery. 62.50 is the first support, and 61.30 is the bulls’ last stronghold to prevent a bearish continuation.
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