Intraday Analysis – Gold still in correction

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092211/Intraday-27.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092211/Intraday-27.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092211/Intraday-27-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>AUDUSD falls back</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02091948/audusd.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205824" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02091948/audusd.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02091948/audusd.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02091948/audusd-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02091948/audusd-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02091948/audusd-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Australian dollar fell after the RBA held interest rates for a second straight month amid cooling inflation. The pair’s previous struggle to stay above 0.6720 forced buyers to liquidate their positions in a sharp sell-off. A subsequent bounce has failed to turn the tide by stopping short in the former accumulation area around 0.6740. The daily support of <strong>0.6600</strong> is an important level to see if buyers make their way back or the Aussie could retreat into a M-shaped dip towards 0.6500. <strong>0.6660 </strong>is the first hurdle to lift in case of a rebound.</p>
<h2>NZDUSD tests support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092018/nzdusd.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205825" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092018/nzdusd.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092018/nzdusd.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092018/nzdusd-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092018/nzdusd-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092018/nzdusd-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The New Zealand dollar slipped after an uptick in the Q2 unemployment rate. A break below the demand zone formed by a consolidation area in early July has brought into question the validity of the rally last month. A brief bounce hit resistance at 0.6220, suggesting that the path of least resistance might be down. A fall below <strong>0.6120</strong> would expose the daily swing low of 0.6050. The RSI’s oversold condition may attract some bargain hunters but the buy side will need to clear <strong>0.6220</strong> before they could push back.</p>
<h2>XAUUSD struggles for support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092153/xauusd-2.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205826" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092153/xauusd-2.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092153/xauusd-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092153/xauusd-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092153/xauusd-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/02092153/xauusd-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Gold drifts lower as the US dollar finds support from solid manufacturing data. While a bullish MA cross on the daily chart is an encouraging sign, the short-term price action is still having a hard time to secure a foothold to prevent the current correction from turning into a reversal after an abrupt fall below 1950. <strong>1972 </strong>had capped a previous bounce, making it a critical ceiling to lift to resume the climb. Failing that, a dip below the recent low of <strong>1942 </strong>would trigger a new round of sell-off with 1923 as a potential target.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/08/intraday-analysis-gold-still-in-correction">Intraday Analysis – Gold still in correction</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>