(WTI crude) USOIL gaining momentum
(WTI crude) USOIL gained some recovery after a firm bounce at 61.50. A break above the previous high of 63.50 would attract momentum buyers, extending the recovery. The RSI’s double bottom in the oversold area could extend the bullish drive and give buyers some breathing room. 62.00 is the closest support, and 61.50 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 65.00.
EURUSD boosted by NFP
The US dollar is expected to see further weakness against its main competitors as last week’s NFP numbers linger. The pair gave back some gains after moving over the mid-1.1700 level as sentiment remains bullish. If the price slips below the key support of 1.1680, then sellers’ interests could pick up as the thought of a retracement would be on the horizon. 1.1760 is the first resistance to clear before a rally can gain more traction.
XAUUSD another higher high
Gold continues to hit fresh peaks, as the Fed, recession fears, and global tensions have kept the yellow metal elevated. A combination of a break above the daily resistance of 3550 indicates that sentiment remains bullish. The recent peak of around 3600 is the first target ahead, and its breach would resume the climb. On the other hand, any chance of a correction requires a break at 3540 and then a test at 3500.
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