By Orbex
XAUUSD seeks support
Gold softens as the US dollar edged higher. A surge above 1788 and then 1808 has prompted the bears to cover.
The precious metal is looking for support after the breakout stalled with an overextended RSI. A bearish MA cross may weigh on short-term sentiment.
The base of the initial breakout around 1770 is a key support. A deeper correction would lead to the daily support at 1753, a critical level to keep the rebound relevant. Gold may climb towards 1850 if the bulls succeed in pushing above 1814.
USDCAD consolidates gains
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
The Canadian dollar recouped some losses after better-than-expected retail sales. A break above the major daily resistance at 1.2930 has put the bulls back in control of the direction.
The RSI’s repeated overbought situation may cause a temporary pullback. Trend followers would be looking to jump in at a better price. 1.2880 is the closest support.
Sentiment would remain upbeat as long as price action is above 1.2770. A rally above the intermediate resistance at 1.2960 may trigger an extended rally towards 1.3200.
UK 100 makes a bullish attempt
The FTSE 100 recovered some ground after the Omicron sell-off. The index has found solid buying at 7110.
An oversold RSI has attracted a buying-the-dips crowd. A tentative break above 7300 suggests strong interest in keeping the market afloat. A bullish MA cross could lead to an acceleration on the upside.
7385 is a major hurdle on the daily chart. Its breach could cause a runaway rally and resume the uptrend. On the downside, 7250 is the first support, and 7110 is the second line of defense in case of weakness.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
- COT Metals Charts: Weekly Speculator Changes led by Copper Jul 26, 2026
- COT Bonds Charts: Speculator Bets led by SOFR 3-Months & 5-Year Bonds Jul 26, 2026
- COT Energy Charts: Weekly Speculator Bets led by WTI Crude & Natural Gas Jul 26, 2026
- COT Soft Commodities Charts: Weekly Speculator Bets led by Corn & Soybeans Jul 26, 2026
- The US introduces new import tariffs for 60 countries. Brent crude surpasses $100 per barrel Jul 24, 2026
- USD/JPY Breaks Records: Nothing Slows the Yen’s Decline Jul 24, 2026
- Oil prices reached a 6‑week high. The AUD strengthened on the back of a strong labor‑market report Jul 23, 2026
- EUR/USD Recovers as Dollar Weakens Jul 23, 2026
- Bitcoin rose to $66,000. The New Zealand dollar continues to strengthen Jul 22, 2026
- Inflationary pressure is easing in Canada. In New Zealand, on the contrary, inflation is rising Jul 21, 2026
