XAUUSD pushing higher
Gold (XAUUSD) had a day to remember after jumping over $100 in value.
- The yellow metal has secured a foothold around the psychological level of 4500, and a tentative break here would suggest further buying pressure.
- Prices need a decisive close above 4560 to flush out the remaining selling interests and extend the rebound.
- On the downside, 4455 is the immediate support, with 4380 a critical second layer.
USDJPY finds support
The US dollar steadies after plummeting against the Yen in yesterday’s session.
- The pair has hit support and formed a double bottom.
- 158.00 is the first support, and its breach would force leveraged long positions to close and trigger a deeper sell-off towards 157.30.
- As the RSI holds the lower oversold region, a bounce higher could develop.
- The target of 160.75 would be a crucial level for buyers to develop bullish sentiment.
USOIL remains bullish
WTI posted another weekly gain as concerns grow over the ongoing US-Iran conflcit.
- A break of the psychological level of 85.00 will show that the buy side continues to attract more buyers.
- The narrowing consolidation is due for a breakout, which will dictate the next directional move.
- The previous swing high of 87.50 is a major hurdle to overcome.
- 80.50 is the first support and the last stronghold to prevent a bearish continuation.
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