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Keep XAUUSD in sight

What happened earlier

XAUUSD trades at 1,984.70. The pair dropped by more than 4% yesterday due to the UAE’s statement on increasing oil production. Thus, all commodities declined drastically. Moreover, the Russian and Ukrainian Foreign Ministers will hold a meeting today. The meeting’s positive results may lead the yellow metal to a further downtrend.

How things look now

The Bollinger Bands are spread widely, indicating increased volatility and a likely bearish sentiment. The RSI, which is under 50, and the Stochastic indicate a potential downtrend.

Possible outcomes

  • The market state suggests that XAUUSD is moving in the Sell direction with target prices at 1,969.47 and 1,941.38.
  • If the pair fails to break the support level, it may rise towards the first resistance level of 2,007.68.
  • If the pair passes the first resistance level, we can expect a further uprise to the second resistance level of 2,050.97.

Pay attention to EURUSD

What happened earlier

EURUSD trades at 1.10596. The pair gained more than 1.5% yesterday due to the oil prices ease. Moreover, the ECB will hold its monetary meeting today. The plan will include the stagflation item, giving less attention to the possible rate hike.

How things look now

The Bollinger Bands predict increased volatility as they diverge, giving off a likely bullish signal. The RSI, above 50, points to a potential uptrend, while the Stochastic, close to the overbought zone, indicates a possible downwards correction.

Possible outcomes

  • Indicators suggest that EURUSD will likely move into the Buy zone with target prices at 1.11173 and 1.12256.
  • If the pair attempts a false breakout, we could see a recoil towards the first support level of 1.10005.
  • If the pair passes the first support level, we can expect a further decline to the second support level of 1.08895.

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