XAUUSD (gold) wipes off $50
XAUUSD (gold) continues losing ground from its record peak after the anticipated selloff begins. The price is striving to hold onto 2200, with the RSI falling into the neutral zone. The bearish mood remains intact as price action looks for the next support at 2150. The previous swing high at 2185 is the first level to see if bids would re-emerge. Otherwise, 2120 over the 20-day SMA would be a second support.
USDCHF continues to climb
The US dollar maintains its hold over the franc after the SNB became the first major central bank to cut rates. A break through the recent double top at 0.8890 on the chart saw over 100 pips added to the pair. A touch at 0.9000 has seen some resistance, with buyers considering another charge. On the downside, 0.8960 is the first hurdle, and only a break below 0.8910 would turn things around, with a bearish divergence emerging on the RSI.
UK 100 closes in on record high
The FTSE 100 was boosted by signals that major central banks are on course to ease their monetary policies. The index is looking for last year’s peak of 8047. A bounce above the first resistance at 7900 prompted sellers to trim their positions, easing the downward pressure. With the RSI majorly overbought, momentum could be slowed in the near term. 7920 would be the first support hurdle, with 7840 on the horizon.
