Intraday Analysis – Gold Holds Ground
![Intraday Analysis: showing gold analysis, AUDUSD, and USOIL movements.](https://assets.iorbex.com/blog/wp-content/uploads/2024/05/08091011/Intraday-2024-05-08T100846.610.png)
XAUUSD tests resistance
![Gold Analysis: Chart displaying XAUUSD testing resistance levels.](https://assets.iorbex.com/blog/wp-content/uploads/2024/05/08090646/XAUUSD-chart-08.05.2024.png)
Gold remains intact after briefly falling below the psychological 2300 level. On the chart, the price seeks to consolidate after a $30 whipsaw swing, which saw a recent high at 2325. Zooming into the hourly chart, a drop below the first support 2280 will dent the impetus, causing some short-term buyers to take profit. 2160 at the base of the recent rally is a critical floor. A close back above 2360 would keep the bulls interested in another record high.
AUDUSD aiming to break triple top
![Chart showing AUDUSD aiming to break triple top.](https://assets.iorbex.com/blog/wp-content/uploads/2024/05/08090713/AUDUSD-chart-08.05.2024.png)
The Australian dollar increased as the fallout from Friday’s NFP numbers continued. The selling pressure eased as the greenback failed to stop the pair from breaking the 0.6500 level. A test at the April high of 0.6650 has prompted more sellers to cover their positions. A close above 0.6850 would send the pair to fresh highs. The base of the latest momentum at 0.6400 is fresh support, and 0.6490 at the 20-day SMA is vital to keep the rally going.
USOIL sinking lower
![Chart indicating USOIL sinking lower amid global tensions.](https://assets.iorbex.com/blog/wp-content/uploads/2024/05/08090734/USOIL-chart-08.05.2024.png)
WTI continues to slide as ongoing global tensions keep the pressure on prices. A drop into the oversold territory for the RSI has revived hopes that a bounce could be on the horizon. With the round number of 80.00 acting as a fresh resistance, bulls could bail out even further if price action continues to fall. A fall below 74.00 would expose 68.80 once again, potentially extending losses to 65.00. On the flip side, a close above 82.50 could wipe out the recent losses for crude.