GBPUSD

 A likely higher print of UK inflation may force the BOE to come forward with one more interest rate hike in May. The BOE has increased its interest rates to 0.75% to combat the soaring inflation. The UK’s Office for National Statistics printed the yearly Consumer Price Index (CPI) at 6.2%, which was significantly higher than the market estimates and previous figures of 5.9% and 5.5%.

The overall trend for GBPUSD looks bearish. Price seems to have broken previous lows to the downside and there is a possible retest or corrective move to the support level of 1.13120. There seem to be possible confluences between the 50 EMA and the Fibonacci retracement level of 61.8 and 50.0 levels. The RSI and MACD are below the centre-line.

WTI Crude oil (US OIL)

China’s decision to impose a COVID lockdown in its financial hub Shanghai has declined the Crude oil price for the second straight day which has also dampened the demand for the commodity. The development comes as a relief for Indian currency traders as oil prices had surged to multi-year highs over the last few weeks following Russia’s invasion of Ukraine.

From the overview of prices in WITI, the overall trends seem to be bearish. Price is currently testing the support level of 104.40 which is in confluence with the 32.8 and 50.0 Fibonacci retracement levels. The RSI and MACD are below the centre-line which indicates a bearish trend possibility.

Spot Gold (XAUUSD)

The demand for the US dollar-dominated by multiple factors, weighing negatively on the USD-denominated gold. The Chinese covid lockdown triggered a fresh sell-off in oil prices, reducing gold’s appeal as a hedge against inflation. The Russian-Ukrainian negotiators were set to meet in Turkey for a one-on-one meeting which could be linked to the turmoil in gold price.

From the overview of spot gold price (XAUUSD), the overall bias looks bearish. Price is currently retesting the support level of 1927.5 which has confluences between the 50 EMA and the Fibonacci retracement levels of 61.8 and 50.0. The RSI and MACD are below the centre-line for a bearish direction.