XAUUSD another rally incoming
Gold continues surging after Fed Chair Powell confirmed that rate cuts will happen at some point this year. After a confirmation above 2260, prices kept pushing higher to test 2300. Bulls could see some pullback as a bearish divergence emerges on the RSI. This could lead to a move towards 2250 for a brief correction. Other signals will come into play if a sell off begins, with 2200 at the base of last week’s breakout being a key support to keep the momentum going.
GBPJPY bounces back
The BoJ’s historic rate hike has still not been enough to revive the Yen after dropping against the pound. Prices are probing the 192.00 level as the bullish run looks towards the previous swing high at 193.50. The pair needs to close above 192.50 on the hourly time frame to extend the rally, as the 20-day SMA saw increasing buying interest. A close below the recent low of 190.80 could begin a turnaround, especially if the firm support at 190.00 is broken.
GER 40 attempts a rebound
The Dax 40 steadies itself for another upswing after dropping to 18300. This new support has seen a slight jump, as a close above 18500 is the next bull target. The limited downside retracement has met renewed buying interest, and a climb back above 15735 could attract more buyers and open the door to the psychological level of 19000. Otherwise, a sentiment shift could soon open the door to 18000, with the RSI moving back into neutral territory.
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