GOLD Tests Key Resistance Line

• 16 May 2019

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USD/JPY

 

The USD/JPY pair is testing the 109.78 support level where price action is being held. The next price target for sellers is the 108.78 price level, however buyers have returned to retest the support level. MACD has extended its position into bearish territory whereas RSI has flattened at the 30 support level.

 

 

 

 

EUR/USD

 

The EUR/USD pair has returned towards the 1.119 support level, as selling pressure has risen in recent trading. Once again however, it appears that buyers have returned and the pair was unable to sustain the break. MACD appears to be undergoing a bullish reversal and RSI has flattened in bearish territory.

 

 

 

 
 GBP/USD

 

The GBP/USD pair has once again broken the 1.289 price level and the next target is the previous support level at the 1.279 price line. Momentum indicators support the bearish sentiment with MACD extending into bearish territory with RSI approaching the 30 support level. 

 

 

 

USD/CHF

 

The USD/CHF pair is starting to be dominated by sellers, however, since the break price action has stalled just below the 1.010 price level. Momentum indicators have turned sharply bearish with MACD approaching the zero line and RSI approaching oversold conditions. 

 

 

 

 

USD/CAD

 

The USD/CAD pair appears to have stalled at the 1.345 price level with selling pressure rising to take price action below the resistance line. The trading range between the 1.335 and 1.345 price levels will likely be maintained. Momentum indicators appear to be turning more negative despite remaining in bullish territory.

 

 

 

SILVER

 

Silver continues to test the 14.76 support level as long-term momentum remains bearish yet sellers were unable to maintain the break. The metal is likely to remain within the 14.76 and 15.23 trading range in the near-term. Momentum indicators are mixed representing a lack of conviction from both buyers and sellers. 

 

 

 

 

GOLD

 

Gold has broken the 1294.92 resistance level and is now testing a descending trendline. A series of doji candles indicate that the rally has stalled and the recent bullish sentiment may be fading. Momentum indicators are somewhat bullish with MACD approaching the zero line and RSI decelerating in bullish territory. 

 

 

 

OIL

 

WTI bounced back in a bullish direction after hitting $60 per barrel, climbing to test the $62 per barrel mark. Momentum indicators are mixed with RSI rising beyond the default line, yet MACD is on the verge of breaking the zero line.   

 

 

 

 

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