Intraday Market Analysis: Gold Still Under Pressure.
XAUUSD struggles for support
Gold is stalling ahead of US inflation data expected later today. A bearish MA cross on the daily chart weighs on overall sentiment.
The bulls have been eager to buy the dips in the demand zone from last November’s lows (1760). Meanwhile, an oversold RSI may attract some buying interest. However, they will need to lift offers around 1806 before they could hope to turn things around.
A bearish breakout would invalidate last month’s rally and send the precious metal to 1730, a major floor that keeps the price afloat in the medium term.
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USDNOK attempts to rebound
The US dollar is recovering ahead of the Fed meeting next week. A rally above the double top at 9.1000 on the daily chart is a strong bullish sign. That said, its overextension has led to a correction.
Leveraged buyers came under pressure after successive breaks below 9.0800 and then 9.0100. The former now has turned into a resistance.
Meanwhile, an oversold RSI caused a rebound from 8.8600. A bullish breakout would test the key hurdle at 9.1900. Failing that, a deeper pullback could drive the pair towards 8.7000.
NAS 100 tests resistance
The Nasdaq 100 softened following a decrease in weekly US jobless claims. The index bounced off 15550 which used to be a supply zone from September’s peak.
A break above the last leg of sell-off at 16100 has prompted sellers to cover. 16450 is the next hurdle and its breach would put the December plunge behind and clear the path for the all-time high at 16760.
An overbought RSI temporarily holds the bullish drive back. The psychological level of 16000 would be a key support as buyers catch their breath.
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