Intraday Analysis – Gold on Course for Another Record – Orbex Forex Trading Blog

XAUUSD Price remains elevated

XAUUSD price has slightly declined after the recent rally, which saw multiple peaks and record highs. The RSI’s double top in the overbought area suggests that bulls could use some breathing room. On the chart, 2140 is fresh support as another fresh high looks to test the 2180 area. Further down, 2100 over the 20-day SMA would be the bulls’ second layer of defence. A pop above 2160 would resume the climb.

EURGBP keeps away from double bottom

The pound struggled as industrial and manufacturing data declined. The euro has bounced off this year’s low around 0.8500, and a surge above the vital area 0.8530 prompted sellers to cover positions, easing the downward pressure. As the RSI remains neutral, the next step is to see further buying. A close above 0.8570 would attract more momentum buyers and extend the rally to the January high of 0.8700.

SPX 500 drops lower

The S&P 500 closed lower after the Fed meeting draws closer. After stabilising the market and finding a bottom at 5090, a series of higher lows helped the index claw back previous losses. However, with a correction expected, this could lead to bulls shifting their attention to the 5000 level. With the RSI sliding into the oversold area, 5050 is a pivotal support to keep the recent recovery valid.

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