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Forex

Gold Pauses Near $4,700 as AUD/USD Looks Overstretched

Guavy AI Editorial Team
Instruments
CAD AUD
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Gold has stalled near major resistance after its recent powerful rally, with the price now testing a significant zone around $4,700. This area combines a key 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.

AUD/USD looks increasingly stretched after an eight-week rally fueled by stronger Australian data, while USD/CAD is attempting to extend its rebound from support. The technical setup in these pairs suggests that AUD/USD may be due for a correction, and USD/CAD may continue its upward momentum.

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