The yellow metal (XAUUSD) hits another peak
Bullion remains bullish as price action looks towards another record high. On the chart, the price is progressing after confirming a close above 2925, with 2960 the next target for bulls. After the weekend noise has calmed, 2900 is the closest support, and a hold here can avoid a drop on the yellow metal (XAUUSD) to the recent bearish spike at 2860.
EURUSD moving higher
The euro hit another higher high as the dollar pulled back. The double bottom at the lower 1.0300 region continues to fuel the upward thrust. Price action has so far consolidated its gains above 1.0450, making it a significant level to keep the single currency ahead. A hold above it would confirm that the uptrend is still intact, with the former support and psychological level of 1.0500 as the next target. Its breach could send the pair to 1.0560 at the previous consolidation.
GBPUSD continues the impulse
The pound jumped 100 pips as the greenback’s weakness was felt across the board. A second attempt at January’s high could fail if resistance is found at 1.2600. On the flip side, a break below 1.2450 would suggest that another downturn could emerge. Whether this will be a correction or a reversal will depend on the intensity of the sell-off. 1.2560 is the first support, and 1.2510 is the bulls’ second layer of defence.
