Forex Trading Library

Intraday Analysis – Gold Remains Pressured

0 15

XAUUSD remains choppy
XAUUSD chart shows gold's choppy movement, reacting to US GDP data.

Gold saw a slight lift as US GDP data came in below expectations, a welcome relief for bulls as prices broke back above 2300. The price is still licking wounds after failing to hold above 2360. Only a break above 2330, the top range of a previous consolidation, might put the precious metal back on track. Otherwise, a fall below the fresh support 2290 would open the door to 2250.

USDCAD giving up gains
USDCAD chart shows downward pressure and a bounce attempt from a recent support region.

The Canadian dollar attempts to turn a potential fightback from the greenback. The pair remains under pressure with a series of lower lows demonstrating a growing downward pressure after a rejection at 1.3700. The buy side attempts to get back into the game with a 60-pip jump, which saw a bounce from the lower 1.3600 region. However, to turn the situation around, they must clear the supply area 1.3760 from a previously faded bounce.

NZDUSD finds a bounce
NZDUSD chart highlights a bounce after finding support, with an oversold RSI indicating potential limited rebound.

The New Zealand dollar sees some light at the end of the tunnel after recently finding a bottom to push prices higher. The price has been drifting lower after reaching 0.6100 from the start of a sell-off earlier this month. 0.6080 has offered further support, but its breach would trigger a new round of liquidation and make 0.6060 the next target. 0.6130 is a fresh resistance, as an oversold RSI could cause a limited rebound.

Test your trading strategy on forex and stocks with Orbex

Leave A Reply

Your email address will not be published.