A Bullish Breakout On The Cards For Gold

  • 16 Jun 2020

USD/JPY

The USD/JPY pair sell-off has stalled just below the 107.93 support level as buyers have returned to reverse price action. The pair will likely oscillate between the 105.93 and 107.93 price levels. Momentum indicators reflect bearish sentiment with downward trajectories.

 

 

 

 

 

EUR/USD

Eurodollar buyers will make another attempt at the 1.140 resistance line, as strong bullish momentum has driven a rebound from the 1.124 support level. Previous attempts to break have been unsuccessful. Momentum indicators have stalled in bullish territory with RSI reaching overbought conditions.

 

 

 

 

GBP/USD

The GBP/USD pair broke the 1.261 resistance level yet the break was not sustained. Currently, buyers appear to lack the conviction to drive price action to a new trading range. Momentum indicators are bullish with RSI approaching the 70 resistance line. 

 

 

 

USD/CHF

The USD/CHF test of the 0.942 support level has resulted in a rebound taking price action back towards the 0.951 resistance level. This appear to have inspired the return of sellers. Momentum indicators suggest the downtrend will continue. 

 

 

 

USD/CAD

The USD/CAD has found support after an extended sell-off as the US Dollar makes a revival. A series of small-bodied candle represent exhaustion after a strong bullish move resulted in a break of several resistance levels. A new range may be established between the 1.354-1.386 price levels. Momentum indicators have stalled in bearish territory. 

 

 

 

SILVER

Silver has returned to the 17.58 price line and attempted bullish breaks have not been sustained. The pair will continue to hug this price line until some fundamental news changes the metal’s course. Momentum indicators have a bearish bias with RSI pulling away from overbought conditions. 

 

 

 

 

GOLD

Gold buyers have returned to take the metal back towards the 1745.74 resistance line and yet again, the price area represents a sticking point. A breakout may be imminent, however, as a longer-term ascending triangle pattern reaches the apex. Momentum indicators have flattened in neutral/bullish territory.

 

 

 

 

OIL

WTI has returned to the 34.90 resistance level without truly testing the 41.40 resistance line. The $35-40 per barrel range may be a stabilizing price and represents a level where certain OPEC members can find production profitable. Momentum indicators remain in bullish territory although RSI has flattened just below the overbought line. 

 

 

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