Intraday Market Analysis – Gold Awaits Breakout

September 2, 2021

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.


Free Reports:

Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.





Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter





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

InvestMacro

Share
Published by
InvestMacro

Recent Posts

Public health surveillance, from social media to sewage, spots disease outbreaks early to stop them fast

By John Duah, Auburn University  A cluster of people talking on social media about their…

4 hours ago

EUR/USD Steady Ahead of Major US Data Releases

By RoboForex Analytical Department EUR/USD remains stable at around 1.0483 as markets digest the implications…

1 day ago

Donor-advised funds are drawing a lot of assets besides cash – taking a bigger bite out of tax revenue than other kinds of charitable giving

By Brian Mittendorf, The Ohio State University  Donor-advised funds, or DAFs, are financial accounts funded…

1 day ago

NZD/USD Hits Yearly Low Amid US Dollar Strength

By RoboForex Analytical Department The NZD/USD pair has experienced a significant decline, touching a low…

2 days ago

Svalbard Global Seed Vault evokes epic imagery and controversy because of the symbolic value of seeds

By Adriana Craciun, Boston University  Two-thirds of the world’s food comes today from just nine…

2 days ago

This website uses cookies.