Forex Trading Library

Intraday Analysis – Gold Breaks Another Record

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XAUUSD Trading tests fresh highs
XAUUSD Chart Illustrating Record Highs and Gold Trading Trends

Gold continues to set another record high following Powell’s hawkish testimony. The precious metal is the gift that keeps on giving, as it has added over $120 to its value in 6 days sparking increased interest in XAUUSD trading. As the price revisited the top at 2180, the RSI’s overbought condition attracted bargain hunters. Sellers must lift multiple hurdles before they can turn sentiment around. 2160 is the first support, and 2115 will follow in case of a bearish breakout.

EURUSD continues recovering to 1.10
EURUSD Chart Showing Bullish Trend

The euro continues to climb after hawkish ECB comments and downbeat US unemployment data. On the chart, the pair extends its bull run past mid-1.09 as bulls eye the psychological 1.10 level. A break above this critical ceiling might trigger another 50-pip move before the session ends. However, as the RSI hits a triple top, short covering could send the euro to the first support at 1.0910.

USDCAD slides lower
USDCAD Chart Displaying Bearish Movement

The Canadian dollar jumped higher of the greenback after progressive employment numbers. A convincing break towards February’s low would signal the end of the flag-shaped consolidation. A bearish continuation would send the greenback to 1.3360 with 1.3400 as the immediate support. On the hourly chart, 1.3480 is the closest resistance, and 1.3520 at the top of the current surge is a key level for keeping momentum.

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