XAUUSD Slides Lower as Gold Bullion Weakens
Gold Bullion corrected its recent bull run as traders brace for this week’s Fed decision. Resistance was expected at the recent peak of 2720 as the price broke back through the 2700 support. A further breakout would force the remaining buyers to cover, laying the foundation for a fall towards the 2620. In the meantime, a limited consolidation could send gold to retest 2700 should sellers take some chips off the table. Further down, 2600 is a significant floor to avert a deeper correction.
USDCAD probes resistance
The Canadian dollar continues to struggle against the greenback as prices hit another higher high. On the chart, the pair is hitting above another target at 1.4200. The directional bias remains upward after continuous resistance breaks from the beginning of the month. 1.4250 is the immediate hurdle, and its breach would expose a fresh high above 1.4300, which would be a step closer to a bullish continuation. On the downside, 1.4130 is the closest support.
SPX 500 pauses for a breather
The S&P steadies as stocks began the week on a muted setting. The previous climb was on its way to hitting another record high before the pullback began. There is a sign that there is still plenty of bullish energy among market participants. A breakout would open the door to an all-time high above 6100, potentially putting the index on a continuation course. Before that, a pullback could be due to give the rally some breathing room. The round number of 6000 would be the first level to hope for further buying interest.
![Credit Card 160×600 [EN]](https://assets.iorbex.com/blog/wp-content/uploads/2023/06/13144507/Blog-Banner_EN-Banner_160X600X2.webp)
