Stale Bulls Above Current XAUUSD Levels May Contribute To Resistance

Russell Shor, CFTe, MFTA FXCM

The below is the hourly chart of the XAUUSD. The index is reacting off of the R1 pivot level. This level overlaps with price support turned resistance. Moreover, we note that there are still a number of stale bulls above current levels which may add to resistance. The stochastic has rolled over and is now negative. If the EMAs cross bearishly it may signal further weakness ahead, particularly is they develop angle and separation. We continue to monitor.

Past performance is not an indicator of future results.

CHART SOURCE: FXCM MARKETSCOPE 2.0

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.