Gold has finally paused after an aggressive rally from the $4,000 area, with price now testing a significant resistance zone around $4,700. That area combines a major round number, a high-volume node from the prior decline and the May high, leaving gold vulnerable to a near-term pullback despite the broader trend remaining constructive.
Elsewhere, AUD/USD looks increasingly stretched after an eight-week rally fuelled by stronger Australian data, while USD/CAD is attempting to extend its rebound from support. The video also covers developing setups across GBP/USD and GBP/AUD, alongside the main technical levels to watch across gold and FX.
View related analysis:
- EUR/AUD, GBP/AUD, AUD/NZD: Aussie dollar charging as hawkish RBA bets build
- AUD/USD Shorts Bear the Brunt of Hot CPI, Renewed RBA Hike Bets
- ASX 200 Outlook: Jackson Hole Puts Monday Volatility in Focus
- Gold Falters at Resistance, Grappling With PCE, Month-End Flows and Jackson Hole