USOIL(crude WTI) stuck in consolidation
USOIL(crude WTI) remains stuck and lacking any conviction after last week’s sell-off. The move suggests that buyers are attempting to regain their footing after prices fell from the 78.00 level. A break above 66.00 could attract momentum buyers and put the commodity on a bullish trajectory with 70.00 as a potential target. On the downside, a slip below 64.00 would trigger another sell-off as the RSI grinds the oversold level.
USDCAD remains undecided
The Canadian dollar seeks guidance as the recent choppy price action has seen the pair fall away from the 1.3750 peak. A jump towards that area confirmed a double top before prices moved lower. The psychological level of 1.3600 on the daily chart is a critical floor to keep the greenback afloat, as its breach would expose a fresh low and a possible bearish reversal to 1.3540. 1.3720 is the first resistance, and then bulls must clear 1.3810 before a rally can take hold.
XAUUSD sinking lower
Gold slides as sentiment takes another turn after another fresh low. As the price continues to give up gains from last month’s rally, some buyers have opted out for now. A limited bounce has met strong pressure at 3290, and a fall below 3250 would trigger a new round of sell-off to the critical support at 3200. 3300 is a fresh resistance for bulls to clear before they can hope for a recovery.
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