03 Feb

Intraday Market Analysis – Gold Stabilizes

February 3, 2022

By Orbex

XAUUSD attempts to bounce

XAUUSD

The bullions bounce higher as the US dollar softens across the board. Gold is looking to claw back losses from the liquidation in late January.

A close above the psychological level of 1800 would be the first step, pushing short-term sellers into covering their bets. The previous support at 1817 coincides with the 30-day moving average, making it an area of interest and important resistance.

A bullish breakout may send the metal to the previous high at 1847. On the downside, 1780 is a fresh support.

SPX 500 tests resistance

SPX 500

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

The former daily support at 4600 is now a key resistance that lies over the 30-day moving average. A close above this congestion area could turn sentiment around, paving the way for a recovery towards 4750.

The RSI’s overbought situation may keep the momentum in check temporarily. A pullback may see buying interest in the demand zone between 4410 and 4490.

USOIL consolidates gains

USOIL

WTI crude continues to climb as OPEC+ refuses to raise its output limit. The RSI inched into 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 has turned into a support and a pullback could be an opportunity to accumulate again.

Further down, 82.00 on the 30-day moving average is a major floor for the current rally. The milestone at 90.00 would be the next target when momentum makes its return.

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