By Orbex
XAUUSD awaits breakout
Gold consolidates as traders await the Fed’s monetary policy update. The metal came under pressure after it erased all gains from the November rally.
Price action is stuck in a narrowing range between the daily support at 1760 and 1806. This indicates the market’s indecision.
A bearish breakout would confirm the bearish MA cross on the daily chart and trigger an extended sell-off towards the floor at 1680. On the upside, a rally would send the price to retest the previous peak at 1870.
GBPCAD rises towards key resistance
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 pound bounced back after Britain showed strong wage growth in the three months to October.
A bullish RSI divergence indicated a loss of momentum in the latest sell-off. A break above 1.6770 and then a bullish MA cross were the confirmation for a reversal.
The pair is heading towards the daily resistance level at 1.7100. Its breach may lead to a broader rally in the medium term. In the meantime, an overbought RSI could temporarily limit the extension. 1.6900 is the closest support in case of a pullback.
USOIL seeks support
Oil prices struggled after the International Energy Agency said that the omicron strain may threaten global demand.
WTI crude is hovering under the 20-day moving average after the RSI briefly shot into the overbought territory. 74.10 near the 30-day moving average seems to be a tough nut to crack for now.
A bullish breakout would attract momentum buyers and send the price to the daily resistance at 79.00. Otherwise, 68.00 from the latest rally is the support to keep the rebound valid.
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
- Oil prices have fallen to pre‑war levels. AI companies continue to sell off Jul 3, 2026
- Gold Rises Sharply as Markets Reassess Fed Rate Outlook Jul 3, 2026
- The Eurozone has shown a significant slowdown in inflation. Australia has recorded its largest trade deficit since 2015 Jul 2, 2026
- Natural gas prices are rising amid increasing electricity consumption Jul 1, 2026
- USD/JPY at 40-Year High: Multiple Factors Weigh on the Yen Jul 1, 2026
- Gold Declines: Fed Policy and Geopolitics Weigh Jun 30, 2026
- Oil prices have once again risen above 70 dollars per barrel. The Australian dollar has updated a three‑month low Jun 30, 2026
- EUR/USD: The Advantage Remains with the Dollar Jun 29, 2026
- Escalation of the US–Iran conflict is once again supporting the rise in oil prices Jun 29, 2026
- Oil prices fall back to pre‑war levels. Silver drops to a 7‑month low Jun 25, 2026
