08 Feb

Intraday Market Analysis – Gold Bounces Back

February 8, 2022

By Orbex

XAUUSD breaks resistance

XAUUSD

Gold continues to recover as the US dollar treads water.

The previous fall below the daily support at 1785 had put the bulls on the defensive. The RSI’s oversold signal attracted some buying interest and prompted sellers to cover, driving up the price.

The rebound has since gained traction after the metal rallied above the support-turned-resistance at 1817. In fact, the bullish breakout may raise momentum and open the door to the recent peak at 1850.

On the downside, 1795 is a major support to keep buyers committed.

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NZDUSD remains under pressure

NZDUSD

The New Zealand dollar edges lower amid cautious market sentiment at the start of the week. The pair previously bounced off September 2020’s low around 0.6530.

However, 0.6700 on the 20-day moving average so far has proven to be a tough hurdle. A drop below the fresh support (0.6630) indicates that the directional bias remains bearish. And sellers would be eager to fade another rebound.

0.6590 is the closest support. A break below 0.6530 could trigger a new round of sell-off towards 0.6400.

UK 100 awaits breakout

UK 100

The FTSE 100 rallies supported by solid performance in the commodity sector.

The recent rebound hit resistance near the January peak at 7640. Narrowing consolidation and higher highs suggest increased buying pressure.

A bullish breakout would flush sellers out and attract momentum traders, firing up volatility in the process. This would be a strong bullish continuation signal.

7460 is a fresh support if the market remains indecisive. Its breach could extend the correction back to 7250.

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