Gold steadies after notching fresh all-time highs
EURUSD
The US dollar stays on the defensive, losing ground for the fourth week in a row. The USD index saw a solid sell-off during the previous session to notch fresh 2024 lows after the FOMC meeting minutes added to Fed rate cut expectations. On Thursday, the greenback looks steadier, but remains vulnerable to further losses in the near term. The buck seems to have found a local bottom around 100.90, struggling to attract demand on a dip, however. At the start of the week, the bullish momentum was capped by the 102.50 region, and the fact that the price has derailed the 101.00 figure add to bearishness. The DXY now tries to hold above the mentioned support zone in anticipation of fresh drivers. As the buck remains weak, EURUSD keeps climbing these days to register more than one-year highs above 1.1150 earlier in the week. As a result, the daily RSI has entered overbought territory. Of note, the index upside momentum shows some signs of easing, suggesting a local pullback could be expected after the recent rally. The single currency was last seen changing hands around 1.1142, down 0.06% on the day.
GBPUSD
The pound has been rallying for the sixth session in a row on Thursday to register mid-2023 highs in recent trading. In particular, the pair jumped to the 1.3130 region before retreating slightly. As such, GBPUSD continues its ascent, holding firmly well above the key SMAs. The cable looks set to finish the second consecutive week with strong gains, with bullish potential persisting despite some overbought signals on the daily charts. On the four-hour timeframes, the RSI is challenging the 80 mark, which implies that a local correction could be expected in the near term. In a wider picture, the technical outlook has improved substantially over a couple of weeks, with GBPUSD rallying this month after four weeks of losses in a row. In recent trading, GBPUSD was changing hands around 1.3115, up 0.18% on the day. On the upside, the immediate significant resistance is now represented by the mentioned high, followed by the 1.3150 figure. While above the 200-week SMA, today at 1.2845, bearish risks are limited.
USDJPY
Earlier in the month, the USDJPY pair plunged to late-2023 lows and has been trying to recover since then. The dollar looks steadier these days, oscillating around the 145.00. The dollar briefly fell to 141.70 where buyers reemerged to push the prices above 149.00 last week. However, the pair failed to preserve gains and came under renewed selling pressure. During the previous session, the pair finished unchanged, trying to regain a bullish slope on Thursday. USDJPY still lacks the upside momentum, suggesting downside risks surrounding the dollar continue to persist. During the European session, USDJPY has settled slightly above 145.50, trying to extend the recovery as the pair turned positive after the recent slide. Earlier, the ascent was capped by the descending 20-DMA that continues to spook potential buyers. As such, the pair remains vulnerable to fresh losses in the near term. In the immediate term, a daily closure above 145.00 would somehow improve the technical outlook. The pair was last seen changing hands around 145.68, up 0.30% on the day. The daily RSI has recovered from oversold territory, but the pair could refrain from sustained bullish attempts in the near term. Should the pressure reemerge, the dollar may get back below the 145.00 figure in the days to come.
XAUUSD
Gold prices climbed to fresh all-time highs earlier in the week before retreating marginally amid some profit-taking. The XAUUSD pair extended gains to the $2,570 figure amid persistent dollar weakness. On Wednesday, the bullion slipped slightly, staying under pressure today as buyers made a pause after rally. As such, the bullion has settled slightly below historic highs, deciding on further direction. The overall technical picture remains bullish after the latest jump, especially as the dollar remains weak. As such, the precious metal now holds above the key SMAs, flirting with the $2,550 figure that represents the nearest resistance at this stage. The downside potential remains limited, and the broader outlook stays bullish in anticipation of a Fed rate cut. In recent deals, the XAUUSD pair was changing hands around $2,540, down 0.26% on the day. On the weekly timeframes, the technical picture stays positive, albeit the RSI is pointing south. On the downside, the immediate significant support is now represented by the $2,520 zone, followed by the $2,500 figure.
