Yellow metal (XAUUSD) finds support
Gold inches higher as the ongoing global tensions heightened as traders supported the yellow metal (XAUUSD). The price continues to push for another fresh high, but it will need to break 3440 to continue higher. Any correction is likely to be driven by profit-taking, and the price could be merely probing for support before another move higher. 3360 is the first support in case of a bounce as price action remains bullish.
EURGBP slides lower
The pair hit another swing lower as the choppy consolidation continued. The pound’s third attempt to break 0.8460 showed strong selling interest as price action remains subdued. A bearish breakout would send the pair to 0.8400, where a breach could open the door to an extended rally. As the RSI takes a break towards the oversold area, 0.8550 is the first target in case of a retracement.
US 30 hits another peak
The Dow spiked higher as traders digested the Fed rate decision as inflation remains above their target. A move away from 41000 has prompted short-term sellers to trim their exposure. Sentiment remains upbeat as there are still a few big players in the earnings zone that could propel the Dow. The index is now testing 41500 as the comeback continues from the April sell-off. Any retracement will need to break 41350 and then test 41000 before a bearish continuation can take place.
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