Gold prices likely to test 1327.50 support

11 August, 2016

The recent rally in gold saw price retesting the 1350 – 1355 resistance level, which could now signal a near term dip to 1327.50 on a bearish continuation. The further downside can be seen only on a breakdown below this short-term support level, for a move to 1315 – 1300. GBPUSD gave back the gains yesterday closing back above 1.30 handle, but there is a possibility for the price to rally back to 1.32 in the near term.

EURUSD Daily Analysis

EURUSD (1.116): EURUSD posted a third day straight of gain yesterday, but price action was short of 1.120. Further upside is seen only on a daily close above 1.120, in which case EURUSD could be eyeing for 1.130. However, it is quite likely to expect the price to remain range bound within the current levels with the possibility of a dip back to 1.110. On the 4-hour chart, EURUSD is seen trading within the rising median line and resistance at 1.1240 - 1.120 remains a key level of interest, which could see further upside is EURUSD manages to clear the resistance.

USDJPY Daily Analysis

USDJPY (101.42): USDJPY slipped below 102 support and remains trading within the 101 - 102 support level.  A breakdown of prices below 101 could signal further weakness in USDJPY which could see prices test the next low at 100. To the upside, a close above 102 is essential for prices to rally towards 104. On the 4-hour chart, following the hidden bearish divergence, we can expect prices to move higher with the Stochastics posting a higher low, compared to the lows formed near the 104 level, subject to USDJPY clearing the resistance near 102 - 101.42.

GBPUSD Daily Analysis

GBPUSD (1.300): GBPUSD failed to keep up its gains with prices falling back to 1.30 support. The falling wedge pattern remains in play and with prices currently consolidating near 1.30, we could expect to see GBPUSD potentially retrace the declines to retest 1.320 on a break out to the upside. A close below 1.30 and below August 9th lows of 1.2956 could invalidate the bullish view and pave the way for GBPUSD declines to 1.280.

Gold Daily Analysis

XAUUSD (1342.79): Gold prices rallied to the 1347.20 level and posted a high near 1357.32. A bearish close today below yesterday's lows of 1340.20 could signal further declines to the downside. Support is seen near 1315 - 1300. On the 4-hour chart, the retracement seen over the past few days marks a retest of the breakout near 1355 - 1350 levels. Thus a continuation to the downside is quite likely. Watch for short-term support at 1327.50 followed by 1300 if the support breaks down.


Source link  
U.S. dollar maintains gains on hawkish Fed speak

The U.S. dollar managed to maintain gains as the buck was supported by hawkish speeches...

The UK to formally invoke Article 50 today

The U.S. dollar posted a rebound on Tuesday as stocks were lifted by higher than expected figures from the conference board...

U.S. dollar slips to a 4-month low

Amid lack of any clear catalysts, traders focused on "Trumponomics" with the failure to repeal Obamacare being on the radar. The U.S. dollar...


Gold rallies to a one-month high

Gold prices touched a one-month higher this morning, posting an early session high of $1258.18 an ounce...

Dollar looking to recover from the weekly declines

Lack of any clear catalyst kept the markets drifting. The scheduled health-care vote which was due...

Investors turn to Yellen speech

The British pound settled after briefly slipping from the highs of 1.250 to post session lows at 1.2423 earlier...


U.S. dollar slips as investors scale back

The U.S. dollar index fell below the 100.00 handle yesterday as investors scaled back the Trump Trade...

USD continued to weaken yesterday

Price consolidated yesterday as directional catalysts have subsided in the wake of the ECB/ FOMC meetings. Local resistance at the January high of 1.0828 is the first challenge. Above their puts the focus on the bigger technical level of 1.0975 which is the 50%...

Short covering rally continues

Short covering rally continues. Local resistance at the January high of 1.0828 is the first challenge. Above their puts the focus on the bigger technical level of 1.0975 which is the 50% Fibonacci retracement from last year’s high. We also have the completion...

  


Share: