Intraday Analysis – Metals Looking for Direction

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095047/Intraday-Analysis-Metals-Looking-for-Direction.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday-Analysis-Metals-Looking-for-Direction" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095047/Intraday-Analysis-Metals-Looking-for-Direction.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095047/Intraday-Analysis-Metals-Looking-for-Direction-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USOIL remains undecided</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095138/USOIL-chart-11.1.24.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-215502" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095138/USOIL-chart-11.1.24.png" alt="USOIL " width="1505" height="883" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095138/USOIL-chart-11.1.24.png 1505w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095138/USOIL-chart-11.1.24-300×176.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095138/USOIL-chart-11.1.24-1024×601.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095138/USOIL-chart-11.1.24-768×451.png 768w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095138/USOIL-chart-11.1.24-357×210.png 357w" sizes="(max-width: 1505px) 100vw, 1505px" /></a></p>
<p>WTI crude continues its choppy consolidation as a symmetrical triangle engulfs prices. The price hit resistance at last month’s double top at 76, suggesting that pessimism still prevails. A combination of profit-taking and renewed selling has driven the commodity below 73.00. The psychological level of 70.00 is the last level to evaluate buying interest. 72.40 is the first hurdle; only a bounce above 74 could shore up confidence.</p>
<h2>XAUUSD continues bearish run</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095208/XAUUSD-Chart-11.1.24.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-215503" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095208/XAUUSD-Chart-11.1.24.png" alt="XAUUSD " width="1505" height="883" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095208/XAUUSD-Chart-11.1.24.png 1505w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095208/XAUUSD-Chart-11.1.24-300×176.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095208/XAUUSD-Chart-11.1.24-1024×601.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095208/XAUUSD-Chart-11.1.24-768×451.png 768w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095208/XAUUSD-Chart-11.1.24-357×210.png 357w" sizes="(max-width: 1505px) 100vw, 1505px" /></a></p>
<p>Gold stays subdued amid the greenback’s aggression across the board. The precious metal has found itself in another bearish channel on the chart as the $2k level is on the horizon. A bullish breakout would lay the foundation for an extension to the support-turned-resistance of 2050. Price action could see a swing after the breach and potentially test the recent high at 2080.</p>
<h2>XAGUSD still seeking valid support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095231/XAGUSD-chart-11.1.24.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-215504" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095231/XAGUSD-chart-11.1.24.png" alt="XAGUSD" width="1505" height="883" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095231/XAGUSD-chart-11.1.24.png 1505w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095231/XAGUSD-chart-11.1.24-300×176.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095231/XAGUSD-chart-11.1.24-1024×601.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095231/XAGUSD-chart-11.1.24-768×451.png 768w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/11095231/XAGUSD-chart-11.1.24-357×210.png 357w" sizes="(max-width: 1505px) 100vw, 1505px" /></a></p>
<p>Silver’s struggles seem to be ongoing as the metal looks to break free from the $23 support zone. A push towards last month’s high of $26 first needs a 24.50 break past the previous swing high. On the downside, a break of 22.60 would signal weakness, opening the door to a bearish drift and another move back down to $20.</p>
<p>The post <a href="https://www.orbex.com/blog/en/2024/01/intraday-analysis-metals-looking-for-direction">Intraday Analysis – Metals Looking for Direction</a> appeared first on <a href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>