Precious Metals Reverse Previous Bullish Moves

• 12 Nov 2018

USD/JPY

 

The USD/JPY pair has stalled just before the 114.19 price level and sellers appear to have returned to the pair. Momentum indicators remain bullish with upward trajectories, however, RSI is approaching overbought conditions. 

 

 

 

EUR/USD

 

The EUR/USD pair is volatile within the trading range between the 1.129 and the 1.153 price levels. The pair has reached a strong support area at the 1.129 price level and on each previous occasion, price action has reversed from this price level. Momentum indicators remain in bearish conditions. 

 

 
 
 
 GBP/USD

 

The GBP/USD pair has broken the 1.306 price level as sellers appear to have returned to the pair. Momentum indicators are mixed; MACD is still approaching the zero line and RSI has turned bearish. The pair is currently testing the 1.292 support level and a break will provide significant momentum for sellers.

 

 

 

 

 

USD/CHF

 

The USD/CHF pair has extended its position and continues to test a previous price high at the 1.008 resistance line.  MACD has flattened in bullish territory whilst RSI continues to bounce along the 70 resistance line. Volume has begun to decline which may suggest waning conviction from buyers.

 

 

 

 

USD/CAD

 

The USD/CAD has broken the 1.316 price level after once again rejecting the ascending trendline. The next target for buyers is the 1.326 price level. Momentum indicators are bullish; MACD has extended its bullish positions, however, RSI is approaching the 70 resistance line.

 

 

 

SILVER

 

Silver has broken through a recent trading range to test the 14.03 price level. Momentum indicators are neutral with MACD flattening at the zero line and RSI breaking the default line. 

 

 

 

 

GOLD

 

Gold has rejected the 1231.10 price level and is now testing the 1209.70 price level. Momentum indicators have turned more bearish with MACD heading towards the zero line and RSI approaching the 30 support level.  

 

 

 

 

OIL

 

Oil price continues to break clear support levels but has now stalled at the 59.83 price level. Momentum indicators support the sell-off; with MACD extending its bearish position and RSI extending into overbought conditions with a break of the 30 support level. At the same time volume is climbing indicating significant conviction from sellers.