Forex Trading Library

Intraday Analysis – Gold looks for support

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GBPJPY bounces back

Chart of GBPJPY

The Japanese yen softened as the new BoJ governor Ueda pledged to stick to the ultra-loose policy. The pound is probing the support-turned-resistance of 166.00 from last December’s sell-off, with a couple of shooting stars on the daily chart indicating a strong downward pressure. On the hourly time frame, the pair is consolidating its gains after lifting offers around 164.00, and 162.80 over the 20-day SMA saw increasing buying interest. A close above the recent high of 166.40 could extend gains to a four-month high at 169.00.

XAUUSD tests support

Gold XAUUSD

Bullion slips as the US dollar recovers ahead of Wednesday’s CPI reading. The rally is trying to gain traction after its break above the supply area and the psychological level of 2000. The price is still on its way to the March 2020 peak of 2070, though the RSI’s overbought condition has put a brake on the surge, for now. The bulls may see the current pullback as an opportunity to stake in in anticipation of a continuation above 2032. 1980 at the base of last week’s breakout is a key support to keep the momentum going.

GER 40 continues to climb

Chart of DE40

The Dax 40 steadies as markets await more inflation catalysts. The index is still holding on to its gains after a break above the daily resistance of 15700. The limited retracement has met renewed buying interest at 15490. A climb back above 15735 may attract momentum buyers and open the door to the psychological level of 16000. Otherwise, the path of least resistance would be down with a drop below 15490 forcing leveraged long positions to bail out. Then 15330 on the 20-day SMA would be another support to monitor.

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