Gold tests 1300 but closes in a doji

May 3, 2016

Gold prices posted a new high yesterday, briefly trading above $1300, last seen in January last year. However, the daily candlestick closed in a doji pattern which could see a near-term downside on a lower close today. EURUSD was also bullish yesterday rallying to last year September highs of 1.15 and could be looking for a test to 1.16.

EURUSD Daily Analysis

EURUSD (1.15): EURUSD closed above 1.147 breaking above 14th September highs. Price action in EURUSD could now target 24th August highs of 1.16. Failure to break higher could see EURUSD start to consolidate at the current levels, with the potential to dip back to the support at 1.140 level. The bias in EURUSD remains to the upside unless prices break below 1.140 convincingly.

USDJPY Daily Analysis

USDJPY (106.1): USDJPY closed in a small bodied candlestick pattern yesterday near the 106 level. Price action is currently flat, but the downside bias could see USDJPY test below 106. Next support level is identified at 105.375. On the 1-hour chart time frame, the price is moving inside a triangle pattern which could signal a potential upside on a breakout for 107.38. A breakout lower could see USDJPY continue to push lower to the next support level.

GBPUSD Daily Analysis

GBPUSD (1.46): GBPUSD closed bullish above the previous session's doji high on the daily chart which could indicate further upside. Price action on the daily time frame is trading in the resistance zone of 1.4743 - 1.4635 which could see limited gains in the near term unless price breaks out above 1.4743 which could then extend the gains. On the 4-hour chart, the bearish divergence continues to play out, but the downside bias is formed only on a break below the current minor support at 1.4635.

Gold Daily Analysis

XAUUSD (1294): Gold prices posted a new 52-week high yesterday, but prices closed in a doji pattern, which could indicate a temporary pause in the rally. A daily close below the doji's low at 1287.73 will, however, confirm near-term weakness in the precious metal, which could see gold drop to 1231.50 level of support. On the 4-hour chart, we notice a price failure to rally to the outer median line which indicates a near-term decline lower. Support levels near 1275 - 1276 will offer an initial support followed by 1262 - 1258 ahead of the stronger support near 1231.50.

Publication source
Orbex information  Orbex reviews

September 28, 2016
Asian shares traded in green as Europe slowly plunges
US Dollar can't get out of the range of 95.00-95.50 after the FED has investors waiting for the results of Algiers meeting, where Oil officials will try to work out measures to level energy market volatility...
September 28, 2016
Sagging Fed expectations
As discussed yesterday, markets will increasingly obsess about the US election over the coming few weeks, but beneath that the economy will determine if the Fed hikes interest rates before the year is out...
September 28, 2016
Market volatility on a comeback
Financial markets may experience extreme levels of volatility in the coming weeks as the catalytic combination of sporadic oil prices, ongoing Brexit anxieties and anticipation ahead of the U.S presidential election leave investors on edge...

FXCM Rating
Grand Capital Rating
FOREX.com Rating
HYCM Rating
Fort Financial Services Rating
Orbex Rating

365BinaryOption Rating
Empire Option Rating
TopOption Rating
TropicalTrade Rating
Binary Brokerz Rating
IQ Option Rating