Forex Trading Library

Intraday Analysis – Gold Aims for Another Record

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XAUUSD bulls rush in
XAUUSD intraday chart displaying bullish momentum as safe haven gold rise above the psychological level of 2200 amidst global tensions.

Safe haven gold rise on worries of further global tensions. Following a brief consolidation, a pop above the psychological level of 2200 started a new round of rallies. The recent record high would be the next target as sentiment remains overwhelmingly bullish. The RSI’s overbought situation could temporarily drag the price lower. 2180 would be the first support, then 2140 in case of a deeper pullback.

NZDUSD looking for bullish divergence
NZDUSD intraday chart showing potential bullish divergence amidst recent selling pressure and short-term profit-taking

The New Zealand dollar fell further, with over 200 pips wiped off the currency. Despite a choppy rally, the latest drop suggests that there is still intense enough selling pressure. Short-term profit taking has pulled the Kiwi to 0.5960, a critical support to keep the momentum going. Its breach would cause a revisit of 0.5880 on the 20-day SMA where a breakout could open the door to a bearish continuation in the medium-term. A bullish divergence on the RSI could swing things around, with 0.6000 a significant resistance and the first hurdle for bulls.

UK 100 edges higher
UK 100 chart: Nearing yearly highs amid resistance at 8000.

The FTSE 100 continues to hit yearly highs as improved earnings and a dovish monetary policy outlook have extended the rally. As the index progresses towards 8000, growing resistance could be felt through profit-taking and renewed selling. 7925 is the immediate hurdle if the price moves lower. A break here would see 7850 at the base of the breakout rally, a major floor. On the upside, a close above 8035 could resume the trend and lift the index higher.

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