XAUUSD clawing back losses
XAUUSD continues to grind higher, with a slight pullback caused by the recent interest rate hike.
- A break above the daily resistance of 4300 indicates that XAUUSD sentiment remains bullish.
- The recent XAUUSD peak towards 4350 is the first higher target, and a breach would resume the climb towards 4440.
- On the flip side, a correction in XAUUSD would break 4300 and then test 4220.
EURUSD falls lower
The US dollar gains strength against its main competitor as markets digest the latest monetary policy move.
- Sellers jumped on the opportunity after moving through the mid-1.1500 level as sentiment remains bearish.
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Prices have slipped below the key support of 1.1500, so 1.1460 has become a critical floor.
- 1.1580 is the first resistance to clear before a reversal can gain more traction.
USOIL loses steam
Crude oil takes a step back as oil inventories increase.
- A break below $100 would attract momentum sellers, extending the downturn.
- The RSI’s drop could extend the bearish drive and give traders some breathing room.
- 100.00 is the closest support, and 94.00 would be the bulls’ second line of defence.
- A rebound would bring the commodity to the supply zone around 106.00.
