Forex Trading Library

Intraday Analysis – Gold Getting Back on Track

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AUDUSD boosted by the RBA
AUDUSD chart showing recovery after RBA decision, with key support and resistance levels marked

The Australian dollar continued its comeback as the RBA decision held off on cutting interest rates for now. As the pair searches for a full recovery to the previous swing high at 0.6700, a bearish RSI divergence could halt the rally. 0.6680 is the first level to expect resistance after the 100-pip drive higher. Further down, 0.6620 on the 20-day SMA is the first support layer before a complete reversal returns towards 0.6570.

XAUUSD steadily climbing
Gold chart showing steady climb along 20-day SMA with support and resistance levels.

Gold shrugged off a potential bear rally as price action lifted towards 2340. On the chart, the metal continues to grind higher along a rising 20-day SMA. After bouncing away from the psychological support of 2300, bulls are back in the driving seat with a $49 jump. But the Bulls will need to lift 2370, then 2400, to make the rebound count. Otherwise, renewed selling could send the price below 2310.

UK 100 holding on
FTSE 100 chart showing consolidation after double bottom, highlighting key support and resistance levels

The FTSE 100 remains consolidated after hitting a double bottom at 8100. The price could barely hold onto its latest gains above 8220, and the sideways action has dented any bullish momentum. 8140 is crucial to keep the index up as its breach would cause a deeper correction below 8000. Bulls must clear 8300 to put the index back on track after falling from May’s peak at 8480.

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