Forex Trading Library

Intraday Analysis 08.07.2024

Gold Attempts Another High

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XAUUSD hits resistance
Gold Chart: Depicts gold's rise to new highs with buying pressure and key support levels after mixed NFP figures

Bullion attempts another leg higher after mixed data from Friday’s US jobs report. Even though NFP figures beat expectations, the unemployment rate jumped above 4%. The price seems to have secured a foothold around the psychological level of 2350, and a series of higher lows combined with a tentative break above 2370 suggest mounting buying pressure. On the downside, 2330 is the immediate support to keep momentum intact.

USDJPY continues correcting
USDJPY Chart: Shows USDJPY correction with resistance at the top and key support levels.

The US dollar lost momentum against the Yen as the pair fell from its recent high. The pair has hit resistance at 162.00, and a bearish RSI divergence suggests a downward momentum deceleration. 160.00 is the first support, and its breach would force leveraged long positions to close and trigger a further correction. 161.50 over the 20-day SMA would be a pivotal level to expect bulls to return and keep the upward bias intact.

USOIL tests key resistance
USOIL Chart: Illustrates WTI crude testing resistance with significant support levels.

WTI crude capitalises on the summer season as more demand will inevitably mean higher prices. A bounce off the critical floor of 80.00 and above the psychological level of 85.00 shows that the buy side is still in the market. The narrowing consolidation is due for a breakout, which will dictate the next move. The previous swing high of 84.00 is a major hurdle to lift before bulls can hope for a further rally. Conversely, 83.40 is the first support and 82.50 is the bulls’ last stronghold to prevent a bearish move.

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