XAUUSD remains in the zone
Gold price held onto the 2600 level as sentiment continued to shift in favour of gold. The current horizontal consolidation is an opportunity for the bulls to take a breather after a drop this week. A close above 2660 would attract trend followers looking to ride the next phase up, with 2700 as the psychological target.
USDJPY bounce off support
Consumer confidence was robust as the Yen held onto some gains as the pair remained bearish. After coming off its multi-month high of 156.50, the pair is consolidating around the 152.00 level. A breakout would confirm mounting bearish pressure, with 150.00 as a potential target should buyers start to exit their positions. On the upside, 152.40 is the first threshold to clear to expose the said peak before a bullish continuation can take hold.
EURGBP stuck sideways
The euro slipped as worries over inflation seems to be the bearish catalyst. On the chart, the price is pulling back after reaching 0.8400. In the near term, the pair is still probing for support after intraday buyers decided to bail out. As the RSI sinks towards the oversold area, 0.8300 is the next level to look for signs of stabilisation. On the flip side, the previous demand area of 0.8370 is the hurdle to clear to help the bulls regain initiative.
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