XAUUSD remains pressured
Gold pulled lower after hitting a firm rejection, as traders weigh another test of the psychological 5000 level. With global risks pulling back, the sell-off could continue. Further downward momentum eyes the 4800 level. Any chance of a push higher needs a 5080 break to test the recent peak at 5230. However, the precious metal might take a breather, and 4500 could be a critical support to prevent another downturn.
EURGBP hits resistance
The week-long bullish rally came to an end as the price hit a firm rejection at 0.8710. With last week’s interest rate decision still lingering, the pound was under intense pressure as the pair jumped over 100 pips. With the 0.8650 level in focus, a break here will lead bears to look for 0.8620 before testing further multi-month lows. On the flip side, a break at the recent swing high of 0.8710 is the first target for buyers to recapture multi-month highs.
DOW dives lower
As the Dow continues its bearish retreat, traders are awaiting a signal as both the Nasdaq and the S&P 500 also fallen. With the RSI showing a recent bullish divergence, the support at 48800 could be key in rejuvenating the index. After bouncing off the said support, 49000 is now in view, with a potential extended rally towards 49700. On the downside, 48500 has become the new support.