Gold Undergoing Bearish Reversal

• 22 Feb 2019

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USD/JPY

 

The USD/JPY pair has stalled at the 61.8 retracement level and price action indicates indecision with neither buyers nor sellers dominating. At the same time, RSI has an upward trajectory suggesting further bullish potential.

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the 1.129 price level after a sharp rise in buying pressure, however, this has been followed by a series of doji candles indicating a pause in the trend. A trading range between the 1.129 and 1.145 price levels has been established. Momentum indicators are bullish with both MACD and RSI beginning momentum reversals. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair continues to test the 1.306 price level which represents a key resistance area for the pair. RSI has also taken a pause in its upward trajectory, although MACD remains bullish. It is important to remember the fundamental factors which are currently impacting this pair. 

 

 

 

USD/CHF

 

The USD/CHF pair has pulled back towards the 0.997 price level and has stalled at this support level. RSI has pulled back from overbought conditions and MACD is commencing a bearish reversal.

 

 

 

 

 

 

USD/CAD

 

The USD/CAD pair has entered into a symmetrical triangle with the upper resistance line containing price action currently. Buyers return after a failure at the descending trendline which may be the first signal of a bullish breakout. RSI is in bearish territory and MACD remains below the zero line.

 

 

 

SILVER

 

Silver buyers have returned to push price action towards the 16.12 price level. The result has been a failure at this price high. A new trading range may have been established between the 15.69 and 16.12 price levels. Momentum indicators are moderately bullish, however, RSI has pulled away from overbought conditions. 

 

 

 

 

GOLD

 

Gold appears to be undergoing an evening star doji pattern which indicates that a bearish reversal is underway. At the same time RSI has reached and is on the verge of retracing from the 70 resistance line. MACD remains in bullish territory.

 

 

 

 

 

OIL

 

WTI buyers have returned to drive price action to the point where it has broken a previous resistance line at $55.74 per barrel. The next target will be $60 per barrel at which point prices may stabilise. Momentum indicators are bullish with RSI approaching the 70 resistance line.