Intraday Analysis 08.07.2024
Gold Attempts Another High
![Intraday Analysis – Gold Attempts Another High after mixed NFP figures.](https://assets.iorbex.com/blog/wp-content/uploads/2024/07/08092851/Intraday-2024-07-08T102838.312.png)
XAUUSD hits resistance
![Gold Chart: Depicts gold's rise to new highs with buying pressure and key support levels after mixed NFP figures](https://assets.iorbex.com/blog/wp-content/uploads/2024/07/08092639/XAUUSD-chart-08.07.2024.png)
Bullion attempts another leg higher after mixed data from Friday’s US jobs report. Even though NFP figures beat expectations, the unemployment rate jumped above 4%. The price seems to have secured a foothold around the psychological level of 2350, and a series of higher lows combined with a tentative break above 2370 suggest mounting buying pressure. On the downside, 2330 is the immediate support to keep momentum intact.
USDJPY continues correcting
![USDJPY Chart: Shows USDJPY correction with resistance at the top and key support levels.](https://assets.iorbex.com/blog/wp-content/uploads/2024/07/08092723/USDJPY-chart-08.07.2024.png)
The US dollar lost momentum against the Yen as the pair fell from its recent high. The pair has hit resistance at 162.00, and a bearish RSI divergence suggests a downward momentum deceleration. 160.00 is the first support, and its breach would force leveraged long positions to close and trigger a further correction. 161.50 over the 20-day SMA would be a pivotal level to expect bulls to return and keep the upward bias intact.
USOIL tests key resistance
![USOIL Chart: Illustrates WTI crude testing resistance with significant support levels.](https://assets.iorbex.com/blog/wp-content/uploads/2024/07/08092744/USOIL-chart-08.07.2024.png)
WTI crude capitalises on the summer season as more demand will inevitably mean higher prices. A bounce off the critical floor of 80.00 and above the psychological level of 85.00 shows that the buy side is still in the market. The narrowing consolidation is due for a breakout, which will dictate the next move. The previous swing high of 84.00 is a major hurdle to lift before bulls can hope for a further rally. Conversely, 83.40 is the first support and 82.50 is the bulls’ last stronghold to prevent a bearish move.