XAUUSD seeks support
Gold price fall continues as the metal slipped past the 2550 level to set a fresh low at 2535. A surge below 2600 forced buyers to close out, giving the opposite side a further fighting chance to test the 2500 zone. The new low at 2535 is critical support to prevent a bearish continuation. In the near term, a bullish divergence on the RSI could suggest a deceleration in the rally and could lead to a pullback if intraday sellers take profit.
GBPUSD breaks support
The pound crashed through the previous firm support at 1.2850 to set a new low. A fall below the first hurdle of 1.2800 has prompted buyers to cover some of their bets. A continuous bearish run could trigger further momentum selling and send cable to 1.2500. A hold above 1.2700 is the first real test of buyers’ commitment, and a breakback above the said 1.2850 support is a significant level to keep the potential rebound valid.
AUDUSD remains pressured
Like most of the US dollar’s competitors, the Aussie failed to produce any gains in the past week. The pair has seen a slight bounce at 0.6440, but traders will wait to see if 0.6500 can be tested before a significant comeback can begin. As the RSI inches into oversold territory once again, 0.6400 is the immediate level to expect follow-up interest in the hope that the pair doesn’t collapse further.
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