(USOIL) WTI going nowhere
(USOIL) WTI remains stuck and is going nowhere since the previous sell-off. Only a twist in the Middle Eastern tensions would cause a spike in prices, but for now, no news means no movement. Prices remain in consolidation between 64.00 and 66.00, with the RSI slowly creeping into the neutral zone. A break at one of those levels would see the next phase for the black gold as global tensions simmer.
GBPUSD hits resistance
Cable had a week to remember as price action jumped over 300 pips, hitting multi-year highs. The market mood has stayed positive despite a slight retracement after hitting the 1.3780 zone. A full reversal still needs to break 1.3600 to the downside before a move towards 1.3450 can happen. A move higher needs a 1.3800 confirmation break, before topping 1.3860 in the near term.
XAUUSD pushing higher
Gold is poised to continue its upward trajectory after gaining over 3% since the start of the week. As the price now struggles to secure a move past 3350, the recent double bottom around 3270 is a critical floor to stabilise sentiment. Its breach would trigger a round of liquidation with the psychological level of 3200 as a potential target. Should prices move past 3350, then 3400 will be on the radar for buyers as sentiment would shift once again.