XAUUSD (yellow metal) losing momentum
Gold sank over $60 as the ongoing geo-political tensions meant a choppy ride for the XAUUSD (yellow metal). Prices are trying to safeguard their recent gains after a slight dip in price action towards 3250. Fresh selling and profit-taking have seen prices drift lower, with 3200 acting as a critical floor to keep the directional bias upward. The RSI’s oversold situation has attracted some buyers, and 3300 is the first hurdle to clear to the upside. Only a close above 3350 would attract momentum buyers and signal a bullish continuation
GBPUSD seeks support
The pound continues to hold ground as the brief sell-off that saw over 100 pips wiped off the value of cable. The pair has met buying interests near the previous swing low of 1.3420. An oversold RSI suggests a move away from a further downturn. A close above the first resistance of 1.3500 could ease some of the pressure, and bulls will need to clear the next hurdle at 1.3580 before cable can resume the uptrend. Otherwise, a deeper correction would send the exchange rate towards 1.3300.
USDCAD continuing the uptrend
The Canadian dollar saw a slight pullback after grinding higher from the multi-week sell-off. On the chart, the pair remains torn between 1.3850 and 1.3810 as price action awaits the next direction. The current recovery has hit resistance just above 1.3860, with 1.3700 at the base of the rally being a vital level to keep the current rebound valid. Failing that, the greenback could revisit 1.3940, where a breakout would make the pair vulnerable to a bullish drive towards the recent peak above 1.4000.
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