Intraday Analysis – Gold Looks for Direction

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08090231/Intraday-Analysis-Gold-Looks-for-Direction.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday-Analysis-Gold-Looks-for-Direction" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08090231/Intraday-Analysis-Gold-Looks-for-Direction.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08090231/Intraday-Analysis-Gold-Looks-for-Direction-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>XAUUSD aims for $2K support<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085827/XAUUSD-chart-8-1-2024.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-215257" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085827/XAUUSD-chart-8-1-2024.png" alt="XAUUSD-chart-8-1-2024" width="1505" height="883" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085827/XAUUSD-chart-8-1-2024.png 1505w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085827/XAUUSD-chart-8-1-2024-300×176.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085827/XAUUSD-chart-8-1-2024-1024×601.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085827/XAUUSD-chart-8-1-2024-768×451.png 768w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085827/XAUUSD-chart-8-1-2024-357×210.png 357w" sizes="(max-width: 1505px) 100vw, 1505px" /></a></h2>
<p>Gold retraced its NFP spike as price action continued lower. The solid job numbers saw bulls move in before settling back towards 2030. Further downward momentum eyes the psychological $2k level. Any chance of a push higher needs a 1950 break to test recent highs. However, the precious metal might take a breather, and 1920 could be a key support for more consolidation.</p>
<h2>EURGBP continues to slide<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085855/EURGBP-chart-8-1-2024.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-215258" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085855/EURGBP-chart-8-1-2024.png" alt="EURGBP-chart-8-1-2024" width="1505" height="883" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085855/EURGBP-chart-8-1-2024.png 1505w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085855/EURGBP-chart-8-1-2024-300×176.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085855/EURGBP-chart-8-1-2024-1024×601.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085855/EURGBP-chart-8-1-2024-768×451.png 768w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085855/EURGBP-chart-8-1-2024-357×210.png 357w" sizes="(max-width: 1505px) 100vw, 1505px" /></a></h2>
<p>There have been a few weeks of mixed data for the EURGBP pair as the start of the year saw a potential push to 0.90. With inflation numbers not dropping as fast as hoped by the ECB, we’ve seen the pound stage a fightback. With the 0.86 handle in play, bears will look for 0.8575 and 0.85.50 before testing multi-month lows at 0.85.</p>
<h2>DOW begins the correction<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085931/DOW-chart-8-1-2024.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-215259" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085931/DOW-chart-8-1-2024.png" alt="DOW-chart-8-1-2024" width="1505" height="883" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085931/DOW-chart-8-1-2024.png 1505w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085931/DOW-chart-8-1-2024-300×176.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085931/DOW-chart-8-1-2024-1024×601.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085931/DOW-chart-8-1-2024-768×451.png 768w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/08085931/DOW-chart-8-1-2024-357×210.png 357w" sizes="(max-width: 1505px) 100vw, 1505px" /></a></h2>
<p>With the Dow consistently bullish after kicking off from November’s double bottom, traders were awaiting some correction. With the RSI pulling out a recent bearish divergence, it looks like the time is now. After losing over 100 points, the 37k level comes back into view. First, a break of 37300 is required before 37160 is tested. Any thought of an extended rally to the upside must first recover 37600.</p>
<p>The post <a href="https://www.orbex.com/blog/en/2024/01/intraday-analysis-gold-looks-for-direction">Intraday Analysis – Gold Looks for Direction</a> appeared first on <a href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>