XAU/USD faces stiff resistance at 38.2% Fibo level while 23.6% Fibo support could cap the losses
“The next crucial support is seen at the 23.6% Fibo level at $1,935. A firm break below the latter will open floors towards the previous week’s low of $1,910. Further south, powerful support near $1,895 will challenge the bullish commitments.”
“If bulls manage to find a strong foothold above the 38.2% Fibo level at $1,961, then a test of the previous week’s high at $1,966 will be inevitable. Gold buyers will then target the $1,970 round level, above which the 50% Fibo level at $1,982 will be threatened.”
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GBP/USD falls towards 1.3100 ahead of BOE’s Bailey.GBP/USD is dropping towards 1.3100 amid a notable US dollar demand across the board. Fed-BOE policy divergence favors the greenback amid firmer US Treasury yields. Renewed covid concerns and the Ukraine crisis will likely keep GBP bulls at bay. Bailey’s speech awaited.
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