Intraday Analysis – Gold struggles for support

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11090315/Intraday-14.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/2023/08/11090315/Intraday-14.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11090315/Intraday-14-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>GBPUSD struggles to bounce</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085758/GBPUSD-9.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206214 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085758/GBPUSD-9.png" alt="Chart of GBPUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085758/GBPUSD-9.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085758/GBPUSD-9-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085758/GBPUSD-9-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085758/GBPUSD-9-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Cable turned lower after the US CPI showed an uptick in July. The pair had previously found support over June’s swing low of 1.2600, a major level on the daily chart, as trend followers look to sustain the 11-month long rally. On the hourly time frame, a long spike at 1.2800 is a sign of a strong pressure capping Sterling. As the pair revisits the floor at <strong>1.2600</strong>, the RSI’s repeatedly oversold status might attract traders looking to buy the dip, but unless they succeed in lifting <strong>1.2800</strong> the path of least resistance would be down.</p>
<h2>XAUUSD tests critical support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085826/XAUUSD.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206215 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085826/XAUUSD.png" alt="Chart of XAUUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085826/XAUUSD.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085826/XAUUSD-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085826/XAUUSD-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085826/XAUUSD-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Bullion continues lower as the dollar bounces back amid a modest rise in the US inflation print. On the daily chart, the direction is skewed to the upside even though the precious metal is struggling to secure a footing. The price is testing the base of the July rally, the demand zone around the psychological level of <strong>1900</strong>. This is a critical floor to keep last month’s rebound valid as a bearish breakout would trigger a deeper correction to 1840. <strong>1932 </strong>is the immediate resistance to lift to give the bulls a fighting chance.</p>
<h2>NAS 100 hits daily support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085852/US100-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206216 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085852/US100-2.png" alt="Chart of US100" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085852/US100-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085852/US100-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085852/US100-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/11085852/US100-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Nasdaq 100 whipsawed as traders wished for a larger slowdown in US inflation. A drop below 15380 next to the 30-day SMA has put short-term bulls on the defensive, triggering profit-taking as suggested by a series of lower lows. July’s bottom coincides with the psychological level of <strong>15000</strong>, making it an important level to expect follow-through bids should the uptrend stay intact. A bearish breakout would cause a new round of liquidation and send the index to 14700. The bulls will need to clear <strong>15410 </strong>to regain control.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/08/intraday-analysis-gold-struggles-for-support-2">Intraday Analysis &#8211; Gold struggles for support</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>