Intraday Analysis – Gold may test all-time high

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30084310/Gold-may-test-all-time-high.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Gold-may-test-all-time-high" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30084310/Gold-may-test-all-time-high.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30084310/Gold-may-test-all-time-high-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>NZDUSD tests resistance<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085342/NZDUSD-CHART-30-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-212675" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085342/NZDUSD-CHART-30-11-2023.png" alt="NZDUSD-CHART-30-11-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085342/NZDUSD-CHART-30-11-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085342/NZDUSD-CHART-30-11-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085342/NZDUSD-CHART-30-11-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085342/NZDUSD-CHART-30-11-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The New Zealand dollar jumped after the RBNZ warned that further policy tightening might be needed. The pair is testing 0.6210 at the start of a sell-off in August and a bullish breakout would put last summer’s high of 0.6400 within reach. The RSI’s repeatedly overbought condition may prompt short-term buyers to take profit in this supply zone, and 0.6080 is a fresh support to gauge the strength of follow-up bids. Further down, the psychological level of 0.6000 sits on the 20-day SMA, making it a major area of interest if tested.</p>
<h2>GBPUSD reclaims lost ground<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085414/GBPUSD-CHART-30-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-212676" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085414/GBPUSD-CHART-30-11-2023.png" alt="GBPUSD-CHART-30-11-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085414/GBPUSD-CHART-30-11-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085414/GBPUSD-CHART-30-11-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085414/GBPUSD-CHART-30-11-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085414/GBPUSD-CHART-30-11-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The US dollar steadied after the Q3 GDP exceeded expectations. Nevertheless, cable has recouped all the losses from the September sell-off, giving the bulls a chance to fight back in the medium-term. The supply zone around 1.2740 may see an accumulation of selling interests as the rally takes a breather. Its breach would attract momentum buyers and send the pound to the round number of 1.3000. 1.2600 is the first support in case of a pullback and the confluence of a swing low at 1.2450 and the 20-day SMA a major floor.</p>
<h2>XAUUSD grinds towards all-time high<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085541/XAUUSD-CHART-30-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-212678" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085541/XAUUSD-CHART-30-11-2023.png" alt="XAUUSD-CHART-30-11-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085541/XAUUSD-CHART-30-11-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085541/XAUUSD-CHART-30-11-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085541/XAUUSD-CHART-30-11-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/30085541/XAUUSD-CHART-30-11-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>Gold rallies over a weaker dollar amid increased bets of a rate cut next spring. The price is on its way to the all-time high of 2080 after clearing resistance around 2010, signalling a bullish continuation. The climb seems unobstructed and limited retracement could be seen by the buy side as opportunities to stake in. 2050 is an intermediate hurdle as the RSI soared again into the overbought area. The former resistance of 2010 is the first level to sustain the latest momentum with 1988 acting as a second layer of defence.</p>
<p>The post <a href="https://www.orbex.com/blog/en/2023/11/intraday-analysis-gold-may-test-all-time-high">Intraday Analysis – Gold may test all-time high</a> appeared first on <a href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>