Intraday Analysis – Gold remains under

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28081129/Intraday-12-1.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday Analysis" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28081129/Intraday-12-1.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28081129/Intraday-12-1-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDCAD attempts to bounce</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28080612/USDCAD.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204185 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28080612/USDCAD.png" alt="Chart of USDCAD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28080612/USDCAD.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28080612/USDCAD-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28080612/USDCAD-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28080612/USDCAD-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Canadian dollar softened after May’s CPI came out of expectations. The pair remains under pressure with a series of lower lows demonstrating a growing downward pressure after it fell through 1.3250, with a bearish MA cross on the daily chart likely to attract bearish followers. The buy side is trying to get back into the game from <strong>1.3110 </strong>and a close above 1.3170 is an encouraging sign. But they still need to clear the supply area of <strong>1.3240</strong> from a previously faded bounce to turn the situation around.</p>
<h2>NZDUSD breaks lower</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28080638/NZDUSD.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204186 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28080638/NZDUSD.png" alt="Chart of NZDUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28080638/NZDUSD.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28080638/NZDUSD-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28080638/NZDUSD-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28080638/NZDUSD-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The New Zealand dollar tumbled as traders bet on lower inflation in the region after a falling Australian CPI. The price has been drifting lower after coming across 0.6250 from the start of a sell-off in late May. This means that the sell side is pushing for a deeper correction in the medium-term. 0.6120 over the 30-day SMA has offered some support but its breach would trigger a new round of liquidation and make <strong>0.6080</strong> the next target. <strong>0.6160</strong> is a fresh resistance as an oversold RSI may cause a limited rebound.</p>
<h2>XAUUSD grinds support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28090405/XAUUSD-3.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-204196" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28090405/XAUUSD-3.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28090405/XAUUSD-3.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28090405/XAUUSD-3-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28090405/XAUUSD-3-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/28090405/XAUUSD-3-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Gold slipped after US consumer confidence and home sales showed resilience in June. The price is still licking wounds after failing to hold above 1930 with a timid bounce to <strong>1935 </strong>capped by stiff selling. A bearish MA cross on the daily chart and dynamic resistance from the 20 and 30-day SMA may attract more sellers. Only a break above 1966, the top range of a previous consolidation, might put the precious metal back on track. Otherwise, a fall below the fresh support of <strong>1910 </strong>would open the door to 1850.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/06/intraday-analysis-gold-remains-under">Intraday Analysis – Gold remains under</a> appeared first on <a rel="nofollow" href="https://orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>