GOLD Tests Recent Price High

• 23 Apr 2020

USD/JPY

The USD/JPY pair continues to test the 107.93 resistance area and has failed to break on several occasions. A trading range between the 107.93 and 110.19 price levels would represent the return to a more stable price range. Momentum indicators have flattened in neutral/bearish territory. 

 

 

 

 

EUR/USD

The Eurodollar has failed to move beyond the 1.089 price level, as a series of doji candles highlight that neither buyers nor sellers are dominating. Oscillations are narrowing which suggests that a breakout could be on the cards. Both MACD and RSI have flattened in bearish/neutral territory.  

 

 

 

 

GBP/USD

The GBP/USD pair has come under pressure in recent trading with sellers driving price action back towards the 1.216 support level. The pair may remain in range between the 1.216 and 1.251 price levels in the near-term. Momentum indicators are neutral if slightly bearish.

 

 

 

USD/CHF

USD/CHF price action indicates that buyers are beginning to dominate the near-term direction of the pair. The next target is the 0.973 price level. A current lack of conviction from buyers indicates that price action may not be able to break the resistance area. Momentum indicators are neutral. 

 

 

 

USD/CAD

The USD/CAD pair is now testing the 1.423 price level, having spiked through the resistance area, only to be pushed back below the price line. The next few trading sessions will determine buyers’ conviction. Momentum indicators have stalled in bullish territory. 

 

 

 

SILVER

Silver has reverted back to the 14.50 support level and despite a spike down, price action remains above this support level. Activity in the metal remains subdued as other commodities steal the limelight. Momentum indicators are bullish; with MACD testing the zero line to the upside and RSI beginning an upward trajectory.

 

 

 

 

GOLD

Gold volatility continues with price action now heading back towards the 1728 price ceiling. Can the metal form new highs? There appears to be strong conviction from buyers when looking at price action. Momentum indicators suggest the metal is reaching overbought conditions with RSI approaching the 70 resistance level. 

 

 

 

 

OIL

WTI spiked through and then closed above the 14.03 support level. New lows appear to be forming for the commodity that has been plagued with oversupply issues for years. OPEC cuts have not helped due to a lack of consumption and therefore global demand. Momentum indicators have stalled in bearish territory with RSI languishing in oversold conditions.