Intraday market analysis: Gold meets strong resistance


XAU/USD dips from supply area

Gold struggles to hold onto its gains as the US dollar pushes towards fresh year-to-date highs.

The recovery has met stiff selling pressure near 1830, a supply zone from last June’s sell-off. The RSI divergence was a sign that the rally was losing steam. The subsequent break below 1805 came in as a confirmation that the bears were still around.

Below the psychological level of 1800 gold would be vulnerable to a new round of sell-off with 1770 as the target. 1824 is the resistance to break before a rebound could materialize.

XAUUSD

NZD/USD falls through daily support

The New Zealand dollar falls as global growth concerns may delay RBNZ’s rate hike schedule.

The breakout below the critical daily support at 0.6920 reveals a lack of buying interest. Those who bought the dip have bailed out as the rebound failed to gain traction.

Bearish sentiment may push the pair towards 0.6820 once momentum comes back.

In the meantime, the RSI has recovered to the neutrality area. A limited bounce may lift the price to the key resistance at 0.6990 where sellers would be waiting to jump in.

NZDUSD

EUR/GBP attempts bullish reversal

The pound tumbles as the UK’s reopening hangs on a thread after a spike in the so-called ‘pingdemic’.

The euro has successfully bounced off 0.8500, a key support from April’s rally on the daily chart. The rally above the resistance at 0.8610 indicates that buyers may have regained control of the direction.

The pair saw some selling pressure near 0.8670 as an RSI divergence was showing signs of exhaustion. A temporary pullback is necessary to let the bulls catch their breath.

0.8570 would be the key support to monitor.

EURGBP

This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.

Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD clings to 1.18 ahead of all-important ECB meeting

EUR/USD is hovering around 1.18 as the clock ticks down to the ECB's first policy announcement after unveiling its more dovish strategic review. ECB President Lagarde is set to make changes to communications and perhaps to policy. Covid headlines are eyed.

EUR/USD News

GBP/USD jumps to 1.3750, dismissing Brexit, covid concerns

GBP/USD is trading around 1.3750, extending its rebound from five-month lows. Sterling has shrugged off a growing EU-UK row over the Northern Irish protocol and persistently high covid figures in the UK.

GBP/USD News

Gold awaits acceptance below $1795 for further downside, ECB in focus

After peaking at $1814 in the Asian trading, gold price remained heavy for the most part of Wednesday, falling as low as $1795 before recapturing $1800 on closing. Daily technical setup continues to flag bearish risks for gold.

Gold News

SafeMoon price needs to rally 14% to kick-start an uptrend

SafeMoon price is currently attempting to push toward the range low in hopes of reclaiming it. If successful, the bulls need to set up a higher high to trigger an uptrend.  While not impossible, an ascent in the market value of SAFEMOON will likely face delays.

Read more

ECB Preview: Three reasons why Lagarde could hit the euro when it is down

Sell low, cover even lower – that could be the best strategy for trading the European Central Bank's upcoming decision with EUR/USD. While the common currency has been holding up better than some of its peers, this could be due to pre-ECB tensions rather than any material advantage. 

Read more

Majors

Cryptocurrencies

Signatures