Forex Trading Library

Intraday Analysis – Gold Breaks Resistance

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XAUUSD overbought double top
Gold chart : Gold sustains bullish momentum, targeting 2060 resistance. Watch for bearish reversal toward 2030 and 2010 support.

The gold chart shows that gold kept the bullish rally going after another $20 move. A pop above the immediate resistance of 2045 has prompted buyers to attract more buyers as the price moves towards the recent swing high. 2060 is the next target, with a move to 2100 on the radar. However, a bearish reversal would clear the path for a move towards 2030, currently sitting next to the 20-day SMA and then 2010. See this gold chart for more insights.

AUDUSD avoid bearish divergence
AUDUSD chart : Consolidating near 0.6480-0.6525, eyes on 0.6550 resistance. Beware of potential bearish breakout to 0.6435.

The Australian dollar gained momentum after retail sales data halted the recent downturn. Price action seems to have gained a secure footing in the 0.6480-0.6525 consolidation zone near the recent swing low. This is a significant area for bulls to fight back and safeguard the uptrend, as a bearish breakout opens the door to a fall to 0.6435. 0.6550 is the first hurdle on the hourly chart, and its breach would reduce selling pressure. Further up, 0.6620 looks limited before a broader recovery takes shape.

USOIL breaks previous swing high
USOIL chart : WTI crude surpasses previous swing high, aiming for 80.00 resistance. Support at 78.10, with 77.00 crucial for upward bias.

WTI crude bounces higher as the demand outlook for 2024 remains upbeat. On the chart, the price has recently peaked above the recent resistance at 79.00. A move above 79.50 will send sellers packing and set the stage for another leg higher, with 80.00 as the next target. 78.10 is the support to gauge the strength of follow-up bids in case of a pullback, and 77.00 is a crucial level to keep the upward bias intact in the near term.

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