Intraday Analysis – Gold recoups losses

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12081905/Intraday-25-1.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Gold recoups losses" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12081905/Intraday-25-1.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12081905/Intraday-25-1-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDCHF probes support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082501/USDCHF-CHART-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-209314 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082501/USDCHF-CHART-2.png" alt="USDCHF chart 12-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082501/USDCHF-CHART-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082501/USDCHF-CHART-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082501/USDCHF-CHART-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082501/USDCHF-CHART-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The US dollar drifts lower as month-on-month producer prices continue to ease. The pair is still pulling back in search of buyers after lifting offers near June’s high of 0.9120. 0.8990 at the base of a bullish breakout impetus in late September is the next step to see if buyers would manifest their interest. Otherwise, a deeper correction may push the greenback below 0.8900. On the upside, the support-turned-resistance of 0.9120 is the key level to clear to turn the short-term mood around and resume the climb.</p>
<h2>XAUUSD tests key resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082531/XAUUSD-CHART-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-209315 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082531/XAUUSD-CHART-2.png" alt="XAUUSD CHART 12-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082531/XAUUSD-CHART-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082531/XAUUSD-CHART-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082531/XAUUSD-CHART-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082531/XAUUSD-CHART-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Bullion advanced as the Fed minutes showed policymakers struck a cautious stance amid slowing growth. The price so far has found a foothold at the March low of 1810. A bullish RSI divergence in this important demand area indicates that the sell-off has eased. A combination of profit-taking and bargain hunting has popped up demand for gold. 1880 on the 20-day SMA is the resistance to clear to interrupt the bearish drive and lay the foundation for a sustained recovery. 1852 is the closest support in case of a pullback.</p>
<h2>UK 100 bounces higher</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082555/UK-100-CHART-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-209317 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082555/UK-100-CHART-2.png" alt="UK 100 CHART 12-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082555/UK-100-CHART-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082555/UK-100-CHART-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082555/UK-100-CHART-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/12082555/UK-100-CHART-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Global equities bounce back as US Treasury yields fell to a two-week low. The FTSE 100 is testing the tip of a previous limited rebound at 7670 which is also the start of a sell-off at the end of September. A bullish breakout would put under pressure the remaining offers near the recent peak of 7750, and its breach could lead up to a potential bullish continuation above 7940. In the meantime, the RSI’s overbought condition may cause a retracement towards 7550 should intraday buyers start to take some chips off the table.</p>
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