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Intraday Market Analysis – Gold Struggles for Bids

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XAUUSD nears critical support

Gold tumbles as the US dollar regains bullish impetus across the board. A clean cut below the demand zone at 1828 indicates weak interest in safeguarding the latest rebound. As trapped buyers look to exit, more selling pressure could weigh on the price action. The RSI’s oversold condition attracted some bargain hunters near 1810. The supply zone between 1840 and 1850 is a major hurdle. A failure to break higher would send the precious metal to the daily support at 1791, a step closer to a full-blown sell-off.

GBPJPY seeks support

The pound softened after an unexpected rise in the UK’s unemployment rate in April. The pair is struggling to hold onto its recent gains after a rally above last April’s high at 168.40. A drop below 166.00 has triggered a round of liquidation as buyers rushed to exit a crowded trade. The recent jitter above 162.00 has turned out to be a dead cat bounce. The bulls will need to clear the support-turned-resistance at 164.20 before they could regain control. Otherwise, the psychological level of 160.00 would be next.

GER 40 breaks key support

The Dax 40 sinks as expectations of high interest rates continue to drive global equities south. A break below 13850, a support on the daily chart, prompted short-term bulls to close their bets. The fall below May’s low and critical floor at 13300 came in as a coup de grâce. This may seal the bearish fate and trigger another round of sell-off. The psychological level of 13000 would be the next support. 13600 is a fresh resistance and the bears may look to fade a rebound as the overall mood remains extremely bearish.

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