Forex Trading Library
EUR
GBP
AUD
JPY
TRY
INR
SGD
MYR
JOD
KWD
SAR
AED
QAR
OMR
EGP

Intraday Market Analysis – Gold Inches Lower

0 415

XAUUSD tests key support

Gold struggles to bounce higher as the US dollar recovers across the board. The price’s failure to hold above the demand zone around 1818 reveals a lack of commitment from the long side. Instead, rebounds have been faded which suggests that bearish sentiment still prevails in the short-term. 1805 is an important support and its breach would invalidate the recent rebound and send the precious metal to the critical floor at 1785 on the daily chart. The bulls will need to lift offers around 1840 before they could regain control.

USOIL seeks support

WTI crude retreated after a lower-than-expected drawdown in inventories. A break above 111.00 prompted sellers to take some chips off the table, easing the bearish pressure in the process. However, the price hit resistance in the supply zone around 114.00. This is a reminder that the bears are still in the game and would be waiting to sell into strength. A fall below 111.00 has caused leveraged buy positions to close out. 106.30 is a key support to keep the price action and its breach could trigger a sell-off below 102.00.

NAS 100 tests support

The Nasdaq 100 fell as a contraction of the US GDP dimmed growth prospects. The rally came to a halt at the 30-day moving average (12100). A fall below 11950 triggered profit-taking by intraday buyers. The bullish mood is fragile as the general direction remains down for lack of upbeat catalyst. 11500 is the closest support and an oversold RSI attracted some buying interest. A rally back above 12100 would bring back buyers sending the index to 12700. A drop below 11050 would signal a return to the bear market.

Test your strategy on how gold will fare with Orbex - Open your account now. 

Leave A Reply

Your email address will not be published.