Forex Trading Library

Intraday Analysis – Gold Reaches its Peak

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XAUUSD begins consolidating
XAUUSD Chart: Gold market consolidating around 2030 zone with immediate resistance at 2038. Bears expected to sell into strength. Break below 2015 may lead to psychological level of 2000.

Bullion steadied as the US dollar lifted briefly after days of weakness. The precious metal consolidates around the 2030 zone in the gold market as buyers look for another $40 jump. 2038 is the immediate resistance and bears are expected to sell into strength as sentiment remains divided within the gold market. This leaves little room for bulls to manoeuvre as gold seems to have reached its peak. A break below 2015 would send gold to the psychological level of 2000, returning to the previous swing low at 1990.

NZDUSD bearish divergence emerges
NZDUSD Chart: Bearish divergence emerging with NZDUSD pair stabilizing above January swing high of 0.6300. RSI oversold, attracting bargain hunters. First support at 0.6180.

The New Zealand dollar paused after retail sales fell further into the red. The pair is looking to stabilise above the January swing high of 0.6300. With 100 pips still to go, a push above 0.6250 would fuel the fire. The RSI’s oversold situation has attracted bargain hunters as a fresh bearish divergence plans to scupper the bull run. 0.6180 is the first support before a rebound can begin. Then 0.6125 is a key level to clear to trigger a broader downside recovery.

USOIL triple bullish bounce
USOIL Chart: WTI crude rises with optimism for demand growth. Bounce from 76.60 fails to clear psychological level of 78.00. Fresh support at 76.00, next resistance at 79.95.

WTI crude rises again with ongoing optimism that demand will flourish this year. The latest bounce from 76.60 has failed to clear the psychological level of 78.00 as the RSI remains muted for further signals. 76.00 is fresh support as bulls gear up for another bounce of the current trend line. This month’s high of 79.95 is the next level to see if any meaningful buying interest can emerge. Failing that, the commodity could be in for a bearish run in the medium term if a break below 76.00 emerges.

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