Silver Extends Rally Beyond Two Year High

• 28 Aug 2019

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USD/JPY

 

USD/JPY has rebounded from the 105.28 support level yet sellers are still active in the pair. A new trading range between the 105.28 and 107.16 price levels may be established. Momentum indicators remain in strongly bearish territory, with further downside potential.  

 

 

 

 

 

EUR/USD

 

The Euro recovery has been reversed with a strong sell-off in recent trading, taking price action back towards the 1.107 price level. On each previous occasion when price action has touched this support level, a bullish reversal has resulted. Momentum indicators remain in bearish territory.

 

 

 

 
 GBP/USD

 

The GBP/USD pair has broken the 1.218 resistance line with a strong bullish move. Yet the break lacks conviction given uncertain fundamental factors. Momentum indicators have turned more bullish with MACD approaching the zero line and RSI breaking through the default line. 

 

 

 

USD/CHF

 

The USD/CHF pair has found support and is now testing the 0.981 resistance line with a break indicating that the pair could move into a new trading range. The overall trend is downward for the pair with the occasional bullish rebound in price action. Momentum indicators are neutral if slightly bearish. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has been unable to break the 1.330 resistance level despite the return of buyers. A break may take the pair to resume the previous uptrend. Momentum indicators are bullish with RSI approaching overbought conditions.  

 

 

 

SILVER

 

Silver has broken the 18.17 resistance line in a strong bullish move. The fact that price action has extended beyond this two year high, is significant especially given the strength of the rally. Momentum indicators are strongly bullish with RSI breaking overbought conditions.

 

 

 

 

GOLD

 

Gold continues to test the ascending trendline with bullish price action spiking the trendline, yet pulling back. Despite several pullbacks, the rally still continues for the metal. Momentum indicators are strongly bullish with RSI reaching overbought conditions.  

 

 

 

 

OIL

 

WTI has broken both the 54.92 support level and the descending trendline, with strong bullish moves. Price action continues to oscillate around the descending trendline. Momentum indicators are neutral if slightly bearish. 

 

 

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