Throughout this week, the US dollar continued to decline against major currencies as the dollar index lost 1.60% falling below the crucial level of 100 once again. Demand on the greenback plummeted since the beginning of May.
Gold pulls back after correction towards $3,100 levels
The decline of the US dollar pushed gold prices higher after the recent correction towards $3,100 levels. Prices bounced back from the resistance-turned-support zone $3,120-$3,150.
Gold maintains its uptrend as long as prices stay above the $3,250 level. Breaking above the recent daily high $3,350 opens the door for more gains targeting $3,400 psychological level.
Moving average MA(5) crossover to the upside with MA(10) confirms the bullish momentum.
| Resistance | $3,345 | $3,415 | $3,435 |
| Support | $3,250 | $3,200 | $3,155 |
Dow Jones maintains uptrend despite minor bearish correction
Following the mixed performances we saw on the U.S. Indices this week, Dow Jones dropped 1.27% falling below the 42,000 level and forming a double top pattern on the daily chart at 42,855 level. The index continues to show a bearish sentiment. Eyes on the 41,600 level for the upcoming days.
MACD shows weakness in price and it confirms the downward movement on the daily chart. Trading below 41,000 levels opens the door for more declines toward 40,700.
| Resistance | 42,463 | 42,885 | 43,165 |
| Support | 41,445 | 40,665 | 40,400 |
The British Pound jumps to the highest level since September 2024
Following inflation numbers, GBPUSD uptrend intensified as the pair reached its highest level in 8 months. The daily chart shows a clear upward trend with higher highs and higher lows. All three main moving averages support the bullish momentum.
Staying above the 1.3450 level may push prices higher towards the resistance level of 1.3560. MACD confirms the uptrend on the daily chart.
| Resistance | 1.3660 | 1.3745 | 1.3765 |
| Support | 1.3360 | 1.3250 | 1.3140 |
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