Intraday Analysis - Friday, Oct. 9

XAUUSD finds a bounce

Gold (XAUUSD) hopes for a reprieve after the latest bearish rally dropped below the 4100 level.

• A close above the former daily support of 4150 would prompt sellers to cover their positions.

• Any chance of a turnaround needs the metal to break 4200 before traders can focus on the next upturn.

• 4085 is the first support in case of a fallback as the sell-off could resume.

GBPUSD holding on

Cable remained indecisive after failing to maintain the previous bullish momentum, as the pair slid 50 pips.

• Price could remain skewed to the downside after testing the critical support at 1.3180.

• The RSI’s consolidation in the neutral area could attract intraday profit-taking if traders lose confidence in the pair.

• A close above 1.3275 at the previous top could provide confidence in the next direction.

• 1.3400 is the target ahead should the pair break 1.3275.

GER 40 sinking lower

The index is licking its wounds after another downturn broke through the 25000 level.

• The latest move saw renewed selling pressure to turn 24850 into a critical support.

• A close back above the previous spike of 25100 would help the bulls regain control and lead to an extension.

• On the downside, a break through 24850 would open the door to 24500.