GOLD (XAUUSD) in consolidation
GOLD (XAUUSD) took a break from its recent record high as prices slightly fell away from the 2950 level. The bullish stance remains and could extend to the next target for bulls at 2960. The yellow metal will now begin the test of a potential triple top if a retracement does not appear. However, an overbought RSI could cause a temporary pullback towards 2920, with bulls looking for support at 2900 if the price does collapse.
EURUSD hitting higher highs
The Euro hit another high as price action continued to rally. The dollar after the pair peaked above the 1.0500 level, which has now become the new resistance. A previous sharp break above 1.0450 attracted momentum buyers, sending the pair higher. As the RSI peaks into the overbought zone, more buyers could see a pullback as an opportunity to tag along with 1.0430 as fresh support.
USOIL plummets to a new low
WTI crude slipped further as the tariff war in the US rumbled. The black gold now sees selling pressure as 70.00 tests firm support. A dip below this price could begin a further bearish run back towards 68.50. On the upside, 70.80 is the first hurdle to see if buyers will step in. The RSI’s oversold dip could lead to some profit-taking, but stiff selling pressure could be expected at rebounds.
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