Gold Is Set To Take-Off

• 1 Jul 2020

USD/JPY

The USD/JPY pair has oscillated between the 105.93 and 107.93 price levels in the near-term. The pair has moved to test the 107.93 price level once again and if a break materialises, the uptrend could gain traction. Momentum indicators have upward trajectories.

 

 

 

 

 

EUR/USD

Eurodollar buyers have been overturned and the pair has once again returned to the 1.124 support level. The tussle between buyers and sellers continues as the pair hugs the support line. Momentum indicators are beginning to flatten out in bullish territory.

 

 

 

 

 

GBP/USD

The GBP/USD pair has rebounded from the 1.221 support line as buyers returned to the pair. The 1.221- 1.261 trading range is therefore likely to remain intact. Momentum indicators have downward trajectories with MACD testing the zero line.

 

 

 

 

 

USD/CHF

The USD/CHF pair has once again failed at the 0.951 price level as sellers have once again returned. Oscillations have moved into a narrower trading range between 0.942 and 0.951 price levels. Momentum indicators have moderate upward trajectories. 

 

 

 

 

 

USD/CAD

The USD/CAD rally has been reversed as sellers return with conviction to take the pair back towards the 1.354 support level. The move could be part of a longer-term bearish bias and a break of the support level would be confirmation. Momentum indicators have moderate upward trajectories. 

 

 

 

 

 

GOLD

Gold buyers have returned and a bullish breakout is underway with the metal clearing a significant obstacle at the 1745.74 price level. Buying pressure indicates strong appetite from buyers as the metal sustains the break and begins a rally. Momentum indicators have upward trajectories, yet RSI is testing overbought conditions.

 

 

 

 

 

OIL

WTI rejected the 41.40 resistance line as sellers returned to drive price action away from the resistance area. So far, the $35-40 per barrel range remains intact and a series of doji candles has the commodity moving horizontally. Momentum indicators have flattened in bullish territory.