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Intraday Market Analysis – Gold Attempts to Rebound

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AUDUSD finds support

The Australian dollar rallies as the RBA minutes show its commitment to rate hikes. The pair is hovering above May’s lows around 0.6830 as the bulls seek to safeguard the previous rebound. The price saw support at the base of the recent rally over 0.6900. An oversold RSI in this demand zone might have triggered a ‘buy-the-dip’ behaviour. A rally back above 0.7070 would show that the path of least resistance is up and the recent top at 0.7270 could be within reach. A bearish breakout may cause a deeper correction.

XAUUSD consolidates gains

Gold seeks support as the US dollar inches higher across the board. A break above the former demand zone near 1840 has prompted sellers to cover some of their bets. The price action is likely to consolidate in a narrow range between 1805 and 1878 in the next couple of days for lack of decisive catalyst. 1825 is the immediate support and its breach might break the latest momentum, leaving the precious metal vulnerable to a sell-off. A rally above 1878 may turn sentiment around and trigger a strong recovery.

US 30 struggles to bounce

The Dow Jones 30 slips as investors fret that the Fed may go too far in its tightening. Bearish inertia prevails as buyers remain on the sidelines. The few bulls who are still in the market are struggling to hold above February 2021’s lows (29750). A bullish RSI divergence suggests a slowdown in the downward impetus. But buyers have the challenging task of clearing the former support at 31000 before they could draw more attention. Strong selling pressure could be expected as trend followers would look to fade rebounds.

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