Forex Trading Library

Intraday Analysis – Gold Attempts Another Record

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XAUUSD remains elevated
XAUUSD Chart: Gold increased as global tensions rise

Gold increased as global tensions heightened as traders supported the yellow metal. The price continues to push for another record high whilst the daily RSI drops back to the neutral area. Any correction is likely to be driven by profit-taking and the price could be merely probing for support before another leg up. 2350 is the first support in case of a bounce as price action remains in a bullish channel.

EURGBP tests resistance

EURGBP Chart: EURGBP tests resistance with bullish sentiment

The euro attempts another sing high as the choppy consolidation continues. The pair’s third attempt to break 0.8585 shows strong buying interest, more evident when supported by higher lows. A bullish breakout would send the pair to 0.8600 where a breach could open the door to an extended rally. As the RSI takes a break towards the overbought area, 0.8550 is the first support in case of a retracement, with the recent triple bottom at 0.8525 on the horizon.

US 30 continues the freefall
US 30 Chart: Dow Jones continues decline amid mixed earnings.

The Dow Jones fell further as a mixed bag of earnings pressured the index. A slide below 38000 has prompted short-term buyers to trim their exposure. Still, sentiment remains upbeat as a few big players in the earnings zone could still propel the Dow. The index is testing 37200 at the confluence of the 20-day SMA. A rebound must lift 38300 before it could signal a bullish continuation.

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