GOLD Tests Recent Price High

• 16 Jan 2020

USD/JPY

The USD/JPY pair has stalled mid-rally with a series of small-bodied candles indicating a slowdown in the uptrend. Buyers appear to have lost steam although there is currently no real conviction from sellers. Price action may pull back towards the 109.61 support level. Momentum indicators are bullish with MACD breaking the zero line to the upside and RSI flattening in overbought territory. 

 

    

 

 

EUR/USD

The Eurodollar pull back was short-lived with price action breaking the 1.112 price level. The pair is now approaching the 1.116 resistance level as the previous uptrend appears to have resumed. A recent price ceiling remains at the 1.120 resistance area. Momentum indicators are bullish. 

 

 

GBP/USD

The GBP/USD pair has rebounded from the 1.295 price area which has represented an obstacle on previous occasions. The next resistance area is the 1.309 price line with the break in the uptrend resulting in another rally. Momentum indicators are neutral with slightly bearish trajectories.

 

 

 

USD/CHF

The USD/CHF pair has come under pressure once again with strong bearish momentum taking price action to break the 0.965 support line once again. Momentum has slowed after the break as the pair moves passed recent lows. Momentum indicators have stalled in bearish territory, with RSI testing oversold conditions.  

 

 

 

USD/CAD

The USD/CAD pair had a slow climb higher as buyers had a slight edge in recent price action, despite somewhat indecisive moves. Sellers have since returned taking price action back to the 1.304 support level. Whether there is appetite to drive price action lower remains to be seen. Momentum indicators have upward trajectories yet remain in bearish territory. 

 

 

 

SILVER

Silver has returned to a previous trading range between the 16.55 and 18.09 price levels. However, price action continues to test the 18.09 resistance area. Momentum indicators have bearish trajectories and are pulling back from overbought conditions.   

 

 

 

GOLD

Gold continues to test the 1552 resistance area which has represented a recent price high. A break in recent trading was a result of geopolitical tensions which have since subsided, therefore this price ceiling will likely remain intact in the absence of major market events. Momentum indicators are pulling back from strongly overbought conditions. 

 

 

 

OIL

WTI price action continues to fall towards the ascending trendline where bullish rebounds tend to take place. Price action continues to test but has not broken the 57.96 support level. A stabilizing price for the oil market is at $60 per barrel. Momentum indicators have bearish trajectories.