Forex Trading Library

Intraday Analysis – Gold Avoids Bear Rally

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USDJPY breaks another resistance
USDJPY

The Japanese yen tumbled over a buoyant dollar. The dollar’s surge has now slightly exhausted as prices touched 148.00. This is a sign that the mood has remained cautious for now and an opportunity to sell into strength. The recent high of 148.50 is a key resistance. A bearish breakout would expose the greenback to further downside below the most recent swing high at 146.25. The psychological level of 147.00 remains the first target.

GBPUSD grinds higher

GBPUSD

Ignoring the inflation rate jump in yesterday’s news, cable continues to climb as the pair remains in an ascending channel. A close above 1.2650 has attracted more momentum and is pushing back to multi-month highs. However, as the RSI shows a bearish divergence, a drop towards 1.26 could meet support from short-term trend followers. 1.2565 would be a second level of support.

XAUUSD tests major support
XAUUSD

Gold retreated after Fed officials echoed further hawkish statements. Price action is grinding the primary supply zone around 2000. The RSI has ventured again into the oversold area and could prompt sellers to change sentiment. 2015 is the first resistance on the hourly chart and a bounce above 2032 would renew the bullish pressure and send bullion to 2060, the previous swing high. 1987 would be another support in case the metal runs out of steam.

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