US Dollar's Bullish Bias Holds Steady Setups On EUR/USD, GBP/USD, Gold Prices


(MENAFN- DailyFX) ullish Bias Holds Steady; Setups on EUR/USD, GBP/USD, Gold Prices Skip to Conten News & Analysis at your fingertips.

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Change in Longs Shorts OI
Daily -7% -3% -5%
Weekly -16% 6% -5%
What does it mean for price action? Get My Guide GBP/USD TECHNICAL ANALYSIS

GBP/USD consolidated to the upside on Thursday, but fell short of clearing its 50-day simple moving average at 1.2680. Bulls may find it challenging to surpass this technical hurdle; however, a breakout could result in a move toward trendline resistance at 1.2725.

Conversely, if sellers stage a comeback and trigger a market reversal , the first line of defense against a bearish attack lies around the 1.2600 mark. Additional losses beyond this point may create the right conditions for a slide toward trendline support and the 200-day simple moving average at 1.2560.

GBP/USD TECHNICAL CHART

GBP/USD Chart Created Using TradingView

Wondering how retail positioning can shape gold prices in the near term? Our sentiment guide provides the answers you are looking for-don't miss out, get the guide now!

Gold Mixed Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 3% -7% -1%
Weekly -13% 8% -6%
What does it mean for price action? Get My Guide GOLD PRICE TECHNICAL ANALYSIS

Gold rose modestly on Thursday but hit a roadblock around $2,030, a key resistance zone where a downtrend line aligns with the 50-day simple moving average. Sellers need to defend this area vigorously to prevent bulls from reasserting dominance; failure to do so could result in a rally toward $2,065.

On the other hand, if sentiment reverses in favor of sellers and prices begin to retreat, support can be identified at $2,005, positioned near the 100-day simple moving average. Further downside pressure may then bring $1,990 into focus, followed by $1,995.

GOLD PRICE (XAU/USD) TECHNICAL CHART

Gold Price Chart Created Using TradingView

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