Intraday Analysis – Gold tries to recover

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083632/Intraday-2-1.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083632/Intraday-2-1.webp 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083632/Intraday-2-1-300×172.webp 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>GBPUSD breaks higher</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083509/GBPUSD.webp"><img decoding="async" loading="lazy" class="aligncenter wp-image-204722 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083509/GBPUSD.webp" alt="Chart of GBPUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083509/GBPUSD.webp 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083509/GBPUSD-300×157.webp 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083509/GBPUSD-1024×535.webp 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083509/GBPUSD-768×401.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The pound advanced after resilient UK wage growth put pressure on the Bank of England to tighten policy. A new high above 1.2850 suggests a bullish continuation after a near four-week long consolidation. Such an upbeat confirmation in market sentiment would attract more trend followers. The supply zone formed by the psychological level of <strong>1.3000</strong> and a 15-month high of 1.3050 is next where resistance could be felt. As the RSI ventures into the overbought area again, <strong>1.2880</strong> is the closest support in case of a pullback.</p>
<h2>XAUUSD bounces back</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083540/XAUUSD-1-1.webp"><img decoding="async" loading="lazy" class="aligncenter wp-image-204723 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083540/XAUUSD-1-1.webp" alt="Chart of XAUUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083540/XAUUSD-1-1.webp 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083540/XAUUSD-1-1-300×157.webp 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083540/XAUUSD-1-1-1024×535.webp 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083540/XAUUSD-1-1-768×401.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Gold bounced as Fed officials hinted at the near end of the tightening cycle. The price seems to have found a solid foundation over the psychological level of 1900 from where the bulls hope the precious metal is bottoming out. A decisive break above the recent swing high of 1935 has prompted more bears to cover in fear of a short-squeeze, which could pave the way for an extended recovery towards June’s peak of 1982 with <strong>1955 </strong>as an intermediate hurdle. <strong>1924 </strong>is a fresh support to keep the rebound momentum intact.</p>
<h2>USOIL breaks key resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083613/USOIL-2.webp"><img decoding="async" loading="lazy" class="aligncenter wp-image-204724 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083613/USOIL-2.webp" alt="Chart of USOIL" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083613/USOIL-2.webp 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083613/USOIL-2-300×157.webp 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083613/USOIL-2-1024×535.webp 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/12083613/USOIL-2-768×401.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>WTI crude rallied after the IEA commented that the market may tighten in the second half of the year. A close above the previous swing high of 72.50 then the 6-week high of 74.50 may open the door to a broader recovery in the medium-term by forcing the shorts to cut their losses. A bullish MA cross on the daily chart compounds the reversal pressure with <strong>76.80</strong> as the next target. The RSI’s double top in the overbought area may cause a limited fallback and the base of the momentum at <strong>73.00</strong> is the level to assess follow-up bids.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/07/intraday-analysis-gold-tries-to-recover">Intraday Analysis &#8211; Gold tries to recover</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>