By Orbex
XAUUSD tests daily resistance
Gold consolidates recent gains ahead of the US jobs reports.
Traders are looking for direction after the metal recouped most losses from the August sell-off. 1832 is major resistance on the daily chart.
A bullish breakout may trigger an extended rally as the short side bails out. We can expect volatility with 1860 as a potential target. A fall below 1790 however would tip the balance to the downside.
1755 would be the first support in a retracement. In the meantime, an overbought RSI has led intraday buyers to take profit.
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EURGBP consolidates support
The euro inched higher after a drop in the unemployment rate across the eurozone in July.
The recovery has gained momentum after the pair cleared the daily resistance at 0.8555. The 20-day MA crossing the 30-day one suggests that sentiment may have turned around.
Following a short consolidation, the single currency has met buying interest along 0.8550 and then 0.8570. 0.8610 is the next resistance and its breach could clear the path for a rally to the recent peak at 0.8660.
USOIL hits key resistance
WTI crude found support from the EIA’s report of a large reduction in US stockpiles. The V-shaped rebound is now testing the key hurdle on the daily timeframe (69.50).
An RSI divergence indicates a loss in the upward momentum. Short-term buyers have taken some chips off the table and caused a pullback. 67.00 is the immediate support.
A deeper retracement may send the price to 65.30. On the upside, a close above 69.50 may open the door to 73.00 and reverse an eight-week long correction.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
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