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Daily analytical report (05/10/17)

2017-10-05T17:49:57

05 October

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.