Buyers Return To Precious Metals

• 25 Oct 2019

USD/JPY

 

The USD/JPY pair has failed to break the 108.83 resistance line which has resulted in a number of small-bodied candles trading in a tight horizontal trading range. Price action is likely to remain in the 108 price range. Momentum indicators have flattened in bullish territory.

 

   

 

 

 

EUR/USD

 

The Eurodollar has pulled back to break the 1.112 support level and is now approaching the ascending trendline. Selling pressure has risen in recent trading indicating the next target for price action is the 1.107 support level. Momentum indicators remain in bullish territory although RSI is pulling away from overbought conditions.  

 

 

 

 
 GBP/USD

 

The GBP/USD pair has pulled back from the 1.295 resistance line and has now broken the 1.288 support level with price action heading towards the 1.274 price line. Momentum indicators are in bullish territory, yet are pulling back from overbought conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair is now heading towards the 0.993 resistance level having broken the ascending trendline to the upside. The move towards this price level indicates the resumption of the previous bullish trend. Momentum indicators are mixed with MACD approaching the zero line to the downside and RSI forming an upward trajectory. 

 

 

 

 

USD/CAD

 

The USD/CAD pair is now testing the 1.307 support level with another key support area at the 1.302 price level. A break cements a stark downtrend for the pair as rising oil prices have provided support for the Canadian dollar. Momentum indicators are bearish and RSI is testing oversold conditions.

 

 

 

SILVER

 

Silver has moved through the apex of a symmetrical triangle which should result in a bullish breakout given the previous trend was bullish. Buyers have returned to the metal which has now cleared the ascending trendline. Momentum indicators are mixed with MACD remaining in bearish territory and RSI moving into the buying channel.

 

 

 

 

GOLD

 

Gold has been trading horizontally, within a tight trading range recently. However, price action has rebounded from the 1485.27 support level and is now testing the ascending trendline. Momentum indicators are beginning upward trajectories. 

 

 

 

 

OIL

 

WTI is now testing the $55 per barrel price range which has represented a recent resistance area. There is a moderate uptrend in the commodity with higher lows and higher highs. The $55-60 per barrel range would be a stabilizing price, yet any further geopolitical tensions will likely result in more price volatility. Momentum indicators have upward trajectories.