Intraday Market Analysis – Gold Stabilizes


XAUUSD attempts to bounce


The bullions bounce higher as the U.S. dollar softens across the board. Gold is looking to pick up liquidation losses in late January.

Closing above the 1800 psychological level would be the first step, pushing short-term sellers to cover their bets. The previous support at 1817 coincides with the 30-day moving average, making it an area of ​​interest and significant resistance.

A bullish break can send the metal to the previous high at 1847. On the downside, 1780 is fresh support.

SPX 500 tests resistance

SPX 500

The S&P 500 is hovering above better-than-expected corporate earnings. A break above 4490 eased the selling pressure on the index.

The former daily support at 4600 there is now a key resistance that lies above the 30-day moving average. Closing over this congestion area could change the direction, paving the way for a recovery to 4750.

The overbought situation of the RSI may temporarily keep the momentum in check. Withdrawal can be seen buying interest in the demand zone between 4410 and 4490.

USOIL consolidates gains


WTI crude continues to climb as OPEC + refuses to raise its production limit. The RSI entered the overbought territory on the daily chart after a new high above 85.00.

The bulls could be wary of chasing after the extended rally. 85.00 became supportive and withdrawal could be an opportunity to rally again.

Below, 82.00 on the 30-day moving average is an important floor for the current rally. The milestone at 90.00 would be the next goal when momentum returns.

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