Home Featured Intraday Analysis – Gold still probes bids

Intraday Analysis – Gold still probes bids

Intraday Analysis – Gold still probes bids

AUDUSD tries recovery

After August’s job numbers exceeded expectations, the Australian dollar rebounded. The pair has found stable ground above 0.6370 and is making a new rebound attempt. 0.6460 on the 20-day SMA is the immediate resistance and its breach would bring the quote to the recent high and the daily support-turned-resistance of 0.6520 which is a key ceiling to lift before the bulls could hope for a sustained recovery. Otherwise, a fall below 0.6370 would trigger a new round of sell-off to last November’s low of 0.6280.

XAUUSD struggles to find support

Gold is trading lower, as the dollar remains supported by an inflation rate that is still high in the US. Inability to hold above 1916 further puts the bulls on defense as precious metal struggles to find bids. The bulls must clear the 1920 swing high and then 1904, the base of the rally that began in late August to regain control. The August low of 1890 is also a crucial floor for bullion to remain steady. A breakout could push the bids up towards 1850.

UK 100 grinds supply zone

The FTSE stalled after the UK’s GDP showed a bigger-than-expected contraction in July. On a daily basis…

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