US30 begins to pullback
The Dow Jumps to another record with renewed optimism that tax cuts will come sooner rather than later under the Trump administration. The index to consolidate after the rally stalled at 43800. 43200 at the previous swing high is a significant level to expect for follow-through buying, and a sustained bounce might attract momentum buying and push the index to 44000. A drift below 43400, however, would dent the optimism and send the index lower to begin a retracement.
EURGBP makes full retracement
The pound gained further traction against the Euro as price action made a full retracement from this month’s jump. The latest fall below the critical support of 0.8350 has forced more buyers to cover, foreshadowing a potential bearish continuation. The recent low of 0.8300 could be some consolidation as it could be the bulls’ last line of defence. A further bearish breakout could extend the drop towards 0.8240. As the RSI sticks to the oversold area, a bounce higher could materialise with 0.8330 as the first test higher.
XAUUSD tests resistance
Gold hit resistance as it failed to recapture the 2700 level. The price has recovered most of the losses from the recent liquidation as the US Presidential election results rumble on. A break above 2715 would force bears to switch sides and signal a sustained recovery towards 2740. Before that, the precious metal might take a breather, and 2640 at the recent bottom would be an essential support.
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