Bab 6 Intraday Analysis 07/09/2022
Gold:
Gold is being traded at the lowest level since last July, pressured by the interest rate hikes and further economic decisions led by the US central bank that pushed the gold down. At this level, gold has further high chances of going long after some leaks that the US might lower back again the interest rate thus weakening the dollar index.
The intraday analysis is as follows:
Intraday support around 1697.00.
Pivot: 1697.00
Our preference: long positions above 1697.00 with targets at 1714.00 & 1720.00 in extension.
Alternative scenario: below 1697.00 looks for further downside with 1690.00 & 1682.00 as targets.
Comment: the break above 1697.00 is a positive signal that has opened a path to 1714.00.
Supports and resistances:
1726.00
1720.00
1714.00
1703.20 Last
1697.00
1690.00
EUR/USD
Europe is suffering from the worst economy in the last 30 years back. With the closure of the gas stream from Russia that supplies Europe, the EUR/USD pair has fallen below the 0.98900 level. However, with the US leaks that the central bank might lower the interest rate, EUR/USD might show some recovery up to the 1.00000 level.
The Intraday Analysis is as follows:
The upside prevails.
Pivot: 0.9875
Our preference: long positions above 0.9875 with targets at 0.9930 & 0.9955 in extension.
Alternative scenario: below 0.9875 look for further downside with 0.9860 & 0.9840 as targets.
Comment: the RSI is mixed to bullish.
Supports and resistances:
0.9985
0.9955
0.9930
0.9900 Last
0.9875
0.9860
0.9840
Crude Oil (WTI)
Crude oil prices were affected majorly by NFP, interest rate hikes, and the cut of supply from Russia to Europe. Crude oil prices dropped from $100 per barrel down to $84 per barrel. Crude oil might continue to be traded at this level up until the end of September, after that an increase in prices might again show up.
The intraday analysis is as follows:
Further upside.
Pivot: 86.20
Our preference: long positions above 86.20 with targets at 88.00 & 89.40 in extension.
Alternative scenario: below 86.20 looks for further downside with 85.10 & 84.00 as targets.
Comment: the break above 86.20 is a positive signal that has opened a path to 88.00.
Supports and resistances:
90.40
89.40
88.00
87.13 Last
86.20
85.10
84.00