XAUUSD hits another record as gold peaks
Gold peaks again as the trade war escalates. Price action is touching the next significant level at 2900 as the RSI ventures again into the overbought area, which could prompt buyers to change sentiment. 2860 at the previous consolidation range becomes the recent support in case the metal runs out of steam. 2920 is the new resistance on the hourly chart, and a bounce above that target could renew the bullish pressure and send bullion to 2960.
USDJPY breaks another resistance
The Japanese Yen’s surge over the greenback has now slightly exhausted as prices touched the 151.00 area. This is a sign that the mood has remained cautious for the time being, and the recent low is a key support. A bearish breakout would expose the greenback to further downsides below the psychological level of 151.00, as this remains the first target for sellers. Any chance of a turnaround first needs a confirmation above 152.00 and then a test towards 154.40.
GBPUSD grinds higher
Cable continues to grind its way higher after bouncing away from this month’s low at 1.2260. A close above 1.2400 has attracted more momentum and is pushing back to multi-month highs. However, with the RSI showing a potential bearish divergence, a drop towards 1.2350 could meet support from short-term trend followers, with 1.2280 being a second level of support.
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