Precious Metals Poised For A Breakout?

• 15 Jul 2019

Kickstart your new year with the best USD50 bonus campaign. Limited-time offer! Get it now!

USD/JPY

 

The USD/JPY pair has entered into a tight trading range at the 107.61 to 108.78 price levels as the Dollar remains on the back foot. Momentum indicators reflect the recent bearish sentiment, reversing previous upward trajectories.  

 

 

 

 

EUR/USD

 

The EUR/USD pair has begun a longer term bullish trend with higher lows taking current price action above the 1.125 price level. So despite pullbacks, price action recovers to move higher each time. Momentum indicators are somewhat neutral with MACD testing the zero line and RSI flattening around the 50 default line. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair is approaching a key support level at 1.260 as Sterling rates begin to recover from an extended sell-off. A break would represents a full recovery, however it remains to be seen if the optimism can continue given unresolved fundamental actors. Momentum indicators have turned more bullish. 

 

 

 

 

USD/CHF

 

The USD/CHF pair continues its longer-term bearish trajectory with another pullback in price action towards the 0.980 support line. Momentum indicators have turned more bearish, assuming downward trajectories. 

 

 

 

USD/CAD

 

The USD/CAD pair failed to break the 1.313 resistance level and as such has pulled back to break the 1.309 support level to reach a recent price low. The pullback may be short-lived however if we study momentum indicators. MACD has flattened in negative territory with a reversal underway and RSI has reached oversold conditions. 

 

 

 

SILVER

 

Silver looks to be building into a breakout with oscillations in price action becoming tighter as the metal continually tests the 15.23 price level. Momentum indicators are moderately bullish therefore the breakout will likely come from fundamental factors.

 

 

 

 

GOLD

 

Gold’s trajectory also reflects a pressure build up where price action and oscillations move into a tight range, which generally appears before a breakout. Momentum indicators suggest a bearish bias as they pull away from overbought conditions. 

 

 

 

 

OIL

 

WTI is testing the $60 per barrel range where momentum appears to have stalled, as a series of doji candles indicate a deceleration in the uptrend. Prices may stabilise at this psychological level. Momentum indicators are moderately bullish. 

 

 

---

Follow Us on Facebook: