Crude oil (USOIL) finds support
Crude oil (USOIL) rallied after jumping over $1 yesterday, with global tensions growing. A close above the previous swing high of 64.00 could open the door to a broader recovery by forcing short sellers to cut their losses. The RSI’s move to the overbought area could cause a pullback, and the base of the momentum, just below the 62.00 level, is the area to assess follow-up bids. The psychological level of 65.00 is the first resistance.
GBPUSD hits major resistance
The Dollar continues its advance after price action hit some firm resistance. A new low below 1.3500 suggests a bearish continuation after hitting a fresh peak at 1.3600 in recent sessions. A more downbeat confirmation in market sentiment would attract more trend followers. As the RSI ventures into the oversold area again, 1.3420 is the closest support in case of a pullback.
XAUUSD bouncing back
Gold bounced as Fed officials hinted at a September rate cut if inflation data remains positive. Prices seem to have found a solid foundation over the psychological level of 3300. A decisive break above the recent swing high at 3340 has prompted more sellers to cover their positions, which could lead the way for an extended recovery towards 3400. 3325 serves as a fresh support to maintain the rebound momentum.
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