GOLD
The price of gold has fallen in recent days due to a stronger dollar. Looking at the H4 chart, declines accelerated after breaking the support zone at $ 1,830. Currently, however, the price has reached the key intraday support. The green zone at $ 1,804.7 is marked with the lower limit of the 1: 1 structure (blue rectangle), 50% Fibonacci retrenchment of the last bullish wave, and previous price reactions. In addition, the bulls are struggling to keep the price above the lower limit of the downward channel. Should break lower occur, the next support is located at $ 1792. On the other hand, if buyers become more active, the price would have a chance to return to the $ 1,830 region.
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GOLD interval H4. Source: xStation5
GBPUSD
After yesterday's Fed meeting, we can observe a continuation of the USD appreciation, which is clearly visible on the GBPUSD chart. Looking at the H4 interval, one can see another major level of support has been breached - the zone at 1.3390, which coincides with 61.8% Fibonacci retracement and the lower limit of the downward channel. If the declines deepen, the next support is marked by 78.6% retracement, just below the level of 1.3300.
GBPUSD interval H4. Source: xStation5
