XAUUSD(Bullion)begins consolidating
XAUUSD(Bullion)steadied after hitting another record as global trade tensions escalated. The precious metal consolidates around the 2990 zone as buyers look for another jump. 3000 is the immediate resistance, and bears are expected to sell into strength as sentiment remains divided. This leaves little room for bulls to manoeuvre as gold seems to have reached its peak for now. A break below 2960 would send gold to the psychological level of 2900.
NZDUSD looking to bounce back
The Kiwi attempted to halt another move lower as prices found a bounce in price action. The pair is looking to stabilise above the recent double bottom at 0.5680. With 50 pips still to go to reach the previous peak, a push above 0.5740 would add fuel to the fire. The RSI’s move to the oversold area has attracted bargain hunters, and a hold at 0.5700 is the first support before a rebound can begin.
USOIL seeking support
WTI crude moves higher with ongoing optimism that demand will flourish in the next quarter. The latest bounce from 65.50 is now looking to clear the 68.00 level as the RSI remains muted for further signals. 67.00 is fresh support as bulls gear up for another bounce of the current trend line. This month’s high of 68.10 is the next level to see if any meaningful buying interest can emerge. Failing that, the commodity could be in for another bearish run if a break below 66.00 emerges.
