Forex Trading Library

Intraday Analysis – Gold holds onto gains

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EURGBP seeks support


The pound steadies ahead of the Bank of England’s policy announcement. The pair is consolidating its gains after rising above the daily resistance of 0.8700. Sentiment remains overwhelmingly bullish though short-term buyers have preferred to stay on the sidelines after a break below 0.8720 led to a localised liquidation. 0.8675 at the confluence of the 20-day SMA and the base of a previous bullish breakout is an important support or 0.8640 would be exposed. 0.8730 is the hurdle to clear to resume the rally.

XAUUSD sees brief pullback

 XAUUSD CHART 2-11-2023

Gold found support after an uneventful Fed meeting which saw policymakers leaving rates unchanged. The price is still holding onto its gains after a parabolic rise from the trough at 1815. The daily RSI’s overbought condition might lead to a pullback to let the bulls take a breather before the next leg of rally. 1970 is the immediate support and further down 1934 over the 20-day SMA is the second layer to gauge the strength of buying interests. A bounce above the peak of 2008 would signal a bullish continuation towards 2075.

NAS 100 tests resistance


The Nasdaq 100 recouped some losses as traders bet the Fed might leave rates unchanged next month. The index is trying to claw back some of the previous losses but sentiment is still cautious at best. The spike at 14800 is a key obstacle where a breakout could ease the selling pressure and pave the way for a rebound. However, the bears could be looking to sell into strength due to inertia. As the RSI soared into overbought territory, 14400 at the base of the latest bullish thrust is the closest support in case of a retracement.

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