USOIL (crude oil) remains under pressure
The pullback in USOIL (crude oil) prices continues as buyers attempt to halt the decline. From the sell-off that began at the 80.00 area, price action remains bearish, suggesting that pessimism still prevails. A combination of profit-taking and renewed selling has driven the commodity below 73.00. The psychological level of 70.00 is the last level to evaluate buying interest. 73.20 is the first hurdle for bulls, and only a bounce above 74.00 can shore up confidence.
XAUUSD continues bearish run
Gold remains upbeat after last week’s NFP data failed to move buyers out of the market. On the chart, the precious metal has found itself in another bullish channel as the 2850 level is on the horizon. A further bullish breakout would lay the foundation for an extension towards 2900. On the downside, any signs of exhaustion first need a test at 2760 and then a possible move back towards 2700. This follows last week’s rally when gold hit a fresh record amid tariff concerns.
XAGUSD seeking another upturn
Silver hit some resistance as the RSI went into the overextended bought territory. A push towards 32.00 first needs a confirmation past 31.60 to show real intention that buyers will remain in the market. On the downside, a break below 31.00 would signal weakness, opening the door to a bearish drift and another move back down to 30.00 at the previous swing low.
![Credit Card 160×600 [EN]](https://assets.iorbex.com/blog/wp-content/uploads/2023/06/13144507/Blog-Banner_EN-Banner_160X600X2.webp)
