Intraday Analysis – Gold still probes bids

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14082938/Intraday-5-1.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/2023/09/14082938/Intraday-5-1.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14082938/Intraday-5-1-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>AUDUSD tries to recover<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083533/AUDUSD-chart.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-207993" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083533/AUDUSD-chart.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083533/AUDUSD-chart.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083533/AUDUSD-chart-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083533/AUDUSD-chart-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083533/AUDUSD-chart-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The Australian dollar bounced back after job data in August beat expectations. The pair has found a steady ground above 0.6370 and is making another rebound attempt. 0.6460 on the 20-day SMA is the immediate resistance and its breach would bring the quote to the recent high and the daily support-turned-resistance of 0.6520 which is a key ceiling to lift before the bulls could hope for a sustained recovery. Otherwise, a fall below 0.6370 would trigger a new round of sell-off to last November’s low of 0.6280.</p>
<h2>XAUUSD struggles for support<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083557/XAUUSD-chart-1.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-207994" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083557/XAUUSD-chart-1.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083557/XAUUSD-chart-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083557/XAUUSD-chart-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083557/XAUUSD-chart-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083557/XAUUSD-chart-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>Gold trades lower as a still hot US inflation reading keeps the dollar supported. A failure to hold above 1916 has further put the bulls on the defensive as the precious metal continues to struggle for bids. 1904 at the base of a rally in late August is another threshold to see if buying interests would re-emerge, and the bulls will need to clear 1920 then the limited swing high of 1930 to regain control. Further down, 1890 at the August low is a critical floor to keep bullion steady as a breakout could press the bids towards 1850.</p>
<h2>UK 100 grinds supply zone<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083619/UK-100-chart-2.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-207995" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083619/UK-100-chart-2.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083619/UK-100-chart-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083619/UK-100-chart-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083619/UK-100-chart-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/14083619/UK-100-chart-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The FTSE stalled after the UK’s GDP showed a bigger-than-expected contraction in July. On the daily chart, the price is in a lengthy flag consolidation from last February with 7220 as a three-time tested demand zone. A rise above the recent high of 7520 indicates an interest in putting the index back on track. 7600 could be the bears’ last stronghold and its breach may trigger a bullish continuation in the medium term. However, stiff selling may be expected from profit-taking and fresh selling with 7470 as the first support.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/09/intraday-analysis-gold-still-probes-bids">Intraday Analysis – Gold still probes bids</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>