Forex Trading Library

Intraday Analysis – Gold Looks for Direction

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XAUUSD aims for $2K support

Gold retraced its NFP spike as price action continued lower. The solid job numbers saw bulls move in before settling back towards 2030. Further downward momentum eyes the psychological $2k level. Any chance of a push higher needs a 1950 break to test recent highs. However, the precious metal might take a breather, and 1920 could be a key support for more consolidation.

EURGBP continues to slide

There have been a few weeks of mixed data for the EURGBP pair as the start of the year saw a potential push to 0.90. With inflation numbers not dropping as fast as hoped by the ECB, we’ve seen the pound stage a fightback. With the 0.86 handle in play, bears will look for 0.8575 and 0.85.50 before testing multi-month lows at 0.85.

DOW begins the correction

With the Dow consistently bullish after kicking off from November’s double bottom, traders were awaiting some correction. With the RSI pulling out a recent bearish divergence, it looks like the time is now. After losing over 100 points, the 37k level comes back into view. First, a break of 37300 is required before 37160 is tested. Any thought of an extended rally to the upside must first recover 37600.

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