Forex Trading Library

Intraday Analysis – Gold Maintains Bullish Stance

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XAUUSD tests support
Gold price forecast: XAUUSD chart depicts gold testing support at 2400, with resistance looming at 2440.

Gold falls from its recent record high as traders await numerous Fed speakers and meeting minutes. A fall below the daily support 2400 will dent the bullish mood, prompting buyers to trim their exposure in fear of a deeper pullback. A bearish RSI divergence combined with a faded rebound suggests another fresh high is out of the question. The gold price forecast indicates that a drop below 2375 would renew the selling pressure and make 2340 the next stop. To resume the rally, 2440 is the ceiling to lift.

USDCHF bounces back
USDCHF Chart: USDCHF rebounds, targeting 0.9180 resistance.

The US dollar continues its recovery against the franc as prices jumped over 100 pips in the past few sessions. Having seemingly bottomed out near March’s low at 0.8980, the pair started to recover some lost ground. 0.9060 is the latest support, and a bullish rally is an encouraging sign that could attract traders who don’t want to miss the rebound. After clearing the psychological level of 0.9100, 0.9180 would be the next hurdle, where a subsequent breakout would lead to a runaway rally.

EURGBP remains bearish
EURGBP Chart: EURGBP bearish trend continues, support at 0.8500.

The pound’s sustained bearish rally has broken another support as price action plummets. The bulls have been trying to hold against the bears’ repeated attempts to push below 0.8540. A breakout would expose February’s lows to around 0.8500. 0.8620 on the 20-day SMA is a significant ceiling where the sell off began. An invalidation of 0.8560 has forced short-term buyers to bail out and put sellers back in the driver’s seat, turning the level into a fresh resistance.

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