Forex Trading Library

Intraday Analysis – Gold Struggling for Support

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XAUUSD still undecided
Gold struggling, consolidating around 2340, key support at 2300, resistance at 2360.

Gold remains caught in a loop as prices consolidate around the 2340 zone. The precious metal is at a crossroads on the chart, trading between the double bottom of 2320 and the congestion area formed by the support-turned-resistance of 2360. A break out of the sideways following would give traders the next signal. As the RSI goes oversold, 2300 is a critical floor to avoid a more profound correction below 2275.

USDCHF bounces back
USDCHF rebounding above 0.9050, bullish above 0.9100, support at 0.8950.

The US dollar bounced after progressive spending data came out of America. The pair is increasing above 0.9050 as it recoups losses from the recent sell-off. The hourly chart’s choppy actions indicate the bulls’ eagerness to carry the rebound. A bearish downturn would force buyers to bail out and trigger a liquidation of 0.8950. A close above 0.9100 would confirm the bullish skew and extend the rally to 0.9210.

US 30 looking for support
Dow Jones falling, support at 37200 and 37700, potential rebound above 38600.

The Dow Jones 30 fell further as investors expect the Fed to prolong their higher for longer mantra into the year’s second half. First, a double dip near 38000 showed that the bear rally could continue to 37200. Conversely, a subsequent break above 38600 could prove vital for a substantial extension above the previous swing high 39500. Sentiment could turn around as the RSI shoots into the oversold area. 37700 is the closest support to let the bulls catch their breath.

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