- We start with gold, where we can see some bullish price action on a very important mid-term support. The price is using the 38.2% Fibonacci and the lower line of the wedge for a bounce. That in itself won't create a buy signal but it's a good start. What we need more for the bullish sentiment is the breakout of the upper line of the wedge and the 50% Fibonacci (of the most recent upswing).
- Gold is climbing higher even despite the stronger American dollar. The US dollar index is about to test the 38.2% Fibonacci again. Chances of a breakout are high as there is some clearly visible buying pressure here.
- GBPJPY is very bearish. The price rejected the wedge formation and is aiming the 38.2% Fibonacci of the latest upswing. What's more, we have here a very important horizontal support created by the recent tops from December, May and July. Any bullish price action here would present a good buying opportunity.
Share:
Latest reviews
Forex
EURUSD: buyers retrace to yesterday’s support at 1.2130
15 January, 11:00
EURUSD: buyers aim to defend 1.2130 level
14 January, 10:47
EURUSD: euro plays catchup with sterling
13 January, 10:50
EURUSD: euro bounces off 112-degree angle
12 January, 11:00
EURUSD: dollar firms across the board
11 January, 11:00
There's a better website for you
A new exciting website with services that better suit your location has recently launched!
Sign up here to collect your 30% Welcome Bonus.