Intraday Analysis – Gold Looks to Recover
![Intraday Analysis – Gold Looks to Recover](https://assets.iorbex.com/blog/wp-content/uploads/2024/04/16092755/Intraday-2024-04-16T102747.766.png)
Gold falls from record
Gold falls as ongoing tensions first saw a fresh record above 2430. Then, a dramatic sell-off saw a dive towards 2300 as traders use the wait-and-see approach for the next move in the market. Successive breaks above the level of 2350 could see bulls re-enter the uptrend. 2400 is the first hurdle should the price bounce back. Otherwise, 2330 is the first support for the yellow metal.
GBPUSD attempts to rebound
![GBPUSD chart: Line chart showing the rebound in GBPUSD with support and resistance levels highlighted.](https://assets.iorbex.com/blog/wp-content/uploads/2024/04/16092511/GBPUSD-chart-16-4-2024.png)
Cable found some support after an aggressive dollar opened multi-month lows. The latest sell-off has found support at 1.2430, and a bounce above the immediate resistance of 1.2450 has eased some pressure. Sentiment favours the greenback from the daily chart’s perspective; however, bulls could see the short-term consolidation as an opportunity to join the uptrend. A break above 1.2550 could convince more conservative traders to jump in. On the downside, 1.2400 would be a firm support level.
USOIL drifts lower
![USOIL chart: Line chart illustrating the downward drift in USOIL prices with significant support and resistance levels indicated.](https://assets.iorbex.com/blog/wp-content/uploads/2024/04/16092532/USOIL-chart-16-4-2024.png)
WTI also saw a price fall due to the recent fluctuating tensions in the market. With oil nearing a 6-month high, traders estimated a push to $100 before the quarter is done. Bulls struggled to hold the 87.00 level as the upward momentum died down. The price might be vulnerable to a broader sell-off after it broke below 85.00. 83.50 next to the daily SMAs’ bullish cross would be an essential support. 86.40 is the closest resistance ahead.