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Gold stays pressured below $1900 as traders await ECB, US CPIGold prices remain on the back foot amid anxious hours of early Thursday as markets wait for the ECB and the US Consumer Price Index (CPI) data. Although the ECB is less likely to become a major catalyst, the anticipated optimism of the bloc’s policymakers could offer intermediate bounce to gold prices. However, a stronger-than-expected beat of the US inflation data won’t be taken lightly and can drag the yellow metal on release. It should, however, be noted that ascending support line from mid-May and late April, respectively around $1,879 and $1,871, could probe sellers whereas 200-SMA near $1,848 and May 10 top close to $1,845 adds to the downside filters. Meanwhile, an upside clearance of the monthly resistance line, close to $1,900, will aim for the recent high of $1,917. In a case where the gold buyers keep reins past $1,917, October 2020 levels near $1,933 should offer an intermediate halt during the rally targeting the yearly peak of $1,960. To sum up, today is a test for the gold buyers who seemed to have tired of late.
OANDA:XAUUSDShort
by MTradingGlobal
AUDUSD bulls return from 0.7730-25 support confluence AUDUSD reverses the previous day’s losses while a bounce off 50-day and 100-day SMA confluence near 0.7730-25. Given the normal RSI conditions and strong support, the quote is expected to keep the recovery moves while trying to cross the key resistance line, around 0.7770, for one more time. While a clear break above 0.7770 enables the buyers to aim for 0.7815, any further upside will need to cross the 0.7820 hurdle to direct the bullish impulse towards May’s top near 0.7890. On the contrary, a downside break of 0.7725 will aim for a 0.7675 level, comprising early April highs and May’s lows. It should, however, be noted that a clear south-run past 0.7675 won’t hesitate to refresh the monthly bottom below 0.7644. In the case where the AUDUSD remains bearish below 0.7644, which is less likely, 0.7585 and April’s low close to 0.7530 should gain the market’s attention.
Long
by MTradingGlobal
USDCAD tease falling wedge breakout near multi-month lowUSDCAD reverses Friday’s losses inside a bullish chart pattern, falling wedge, on the daily play. However, buyers need a clear upside break of 1.2100, not to forget the previous support line from March 18 close to 1.2180, to retake controls. Following that, the USDCAD rally towards 50-DMA level near 1.2285 and then to the previous month’s top near 1.2350 can’t be ruled out. It’s worth noting that the RSI is gradually recovering from the oversold area and the bullish formation is near the lowest since May 2015, which in turn amplifies the breakout in favor of buyers, if sustained. Meanwhile, 1.2050 and 1.2030 can entertain USDCAD sellers ahead of testing them with the 1.2000 psychological magnet. Also likely to challenge the pair bears is the stated chart formation’s support line near 1.1990. During the quote’s further weakness below 1.1990, May 2015 lows near 1.1920 become the key as a clear breakdown of the same will make USDCAD vulnerable to slump towards March 2014 high near 1.1280.
Long
by MTradingGlobal
GBPUSD eases inside short-term rectangle near multi-month topWith the renewed chatters over the Fed’s next moves, backed by weekend comments from US Treasury Secretary Janet Yellen, the US dollar regains the safe-haven bids lost on Friday amid early Monday. This weighs down GBPUSD inside a two-week-old rectangle formation between 1.4250 and 1.4190. It should, however, be noted that the upbeat MACD could trigger the cable’s bounce off 200-SMA and a two-month-old support line, respectively around 1.4050 and 1.4010. In a case wherein the quote fails to bounce off 1.4010, the 1.4000 psychological magnet will give another chance for the counter-trend traders entry, losing which should recall the 1.3900 levels to the chart. On the contrary, recovery moves need to cross 1.4180 and the 1.4200 round figure before challenging the stated rectangle’s upper line around 1.4250. It’s worth mentioning that GBP/USD run-up beyond 1.4250 should stay beyond the 1.4300 threshold before challenging the year 2018 high near 1.4375-80.
Long
by MTradingGlobal
Gold sellers brace for a bumpy drive on NFP dayThe heaviest fall since late February couldn’t beat gold buyers as the metal stays above the key support line from March 31, near $1,851, on the key US NFP release day. Additionally important are the speeches of US President Joe Biden and Fed Chairman Jerome Powell. It should be noted that while MACD and RSI flash contrasting signals, bears will have a bumpy road even if they manage to break the $1,851 support. The reason could be traced to the monthly horizontal line and multiple tops marked from late April, respectively around $1,843 and $1,800 threshold. Meanwhile, a corrective pullback will have to cross the 100-SMA level of $1,878 before targeting the $1,889-90 resistance area. It should, however, be noted that the $1,900 round figure and the latest high near $1,916 will act as extra filters to the north-run targeting the yearly top close to $1,960. Overall, gold’s uptrend is challenged but bulls aren’t out of the woods.
OANDA:XAUUSDLong
by MTradingGlobal
Brent oil buyers need to defend $70.30 breakout to aim for $72.0Brent oil holds onto a weekly uptrend despite the previous day’s pullback moves. The British oil benchmark keeps the upside break of double-tops marked in May amid bullish MACD. As a result, the commodity buyers should stay hopeful to refresh the multi-month top, marked the previous day around $71.50. However, the following run-up needs validation from $72.30 comprising an early 2020 high. On the contrary, a confluence of May’s double-tops and a short-term support line near $70.30, followed by the $70.00 threshold, restrict the immediate downside of the black gold. In a case where the quote drops below $70.00, 100-SMA near $68.50 adds to the downside filters ahead of confirming a bearish trajectory towards the mid-May bottom surrounding $66.70.
TVC:UKOILLong
by MTradingGlobal