Forex Trading Library

Intraday Analysis – Gold Falls Away from Another Record

0 12

XAUUSD breaking bullish channel
XAUUSD: Gold Falls, struggles below 2350, targets 2300.

Gold falls short of reaching another record high as price action tested the lower bullish channel. Despite repetitive bullish attempts, 2350 has stood well as critical resistance. The latest fall below 2320 threatens to return to 2300 and could prompt bulls to bail out. The door is now open for a bearish extension below 2280. As the RSI moves into the oversold area, any chance of a turnaround first needs a 2360 break before 2400 can be tested.

EURUSD grinds support
EURUSD: Euro stalls at 1.0700, eyes support near 1.0620.

The euro felt the pressure after a mixed bag of European inflation data. On the chart, the pair’s attempts to hold on to the 1.0700 level after a push to 1.0740 was firmly rejected. The sideways action around this primary level has found support at 1.0670 next to the 20-day SMA, keeping overall sentiment upbeat. A bounce back above 1.0800 will ease the selling pressure, and momentum could send the pair to the high of the previous drop at 1.0880. On the downside, the recent bearish divergence on the RSI could pull prices down towards 1.0620.

USOIL feeling the pressure
USOIL: WTI crude slides, finds support at 80.00.

WTI crude fell over 1% as geopolitical tensions simmer. The price has given up most of its monthly gains, and the bearish bias could attract more selling interest. A drop below the psychological level of 80.00 will be a warning sign that bears are still in control and could lead to a deeper correction in the coming weeks. 82.00 is the first support, and a turnaround can only happen with a break above 84.50.

Test your trading strategy on forex and stocks with Orbex

Leave A Reply

Your email address will not be published.