By Orbex
XAUUSD attempts to bounce
The bullions bounce higher as the US dollar softens across the board. Gold is looking to claw back losses from the liquidation in late January.
A close above the psychological level of 1800 would be the first step, pushing short-term sellers into covering their bets. The previous support at 1817 coincides with the 30-day moving average, making it an area of interest and important resistance.
A bullish breakout may send the metal to the previous high at 1847. On the downside, 1780 is a fresh support.
SPX 500 tests resistance
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The S&P 500 rallies over better-than-expected corporate earnings. A break above 4490 has eased the selling pressure on the index.
The former daily support at 4600 is now a key resistance that lies over the 30-day moving average. A close above this congestion area could turn sentiment around, paving the way for a recovery towards 4750.
The RSI’s overbought situation may keep the momentum in check temporarily. A pullback may see buying interest in the demand zone between 4410 and 4490.
USOIL consolidates gains
WTI crude continues to climb as OPEC+ refuses to raise its output limit. The RSI inched into the overbought territory on the daily chart after a new high above 85.00.
The bulls could be wary of chasing after the extended rally. 85.00 has turned into a support and a pullback could be an opportunity to accumulate again.
Further down, 82.00 on the 30-day moving average is a major floor for the current rally. The milestone at 90.00 would be the next target when momentum makes its return.
Article by Orbex
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