We start the week with reversals on many instruments, which were largely caused by Friday’s NFP report.
It seems like the Gold is coming to the end of its correctional movement as we’ve broken through the upper line of the flag formation. This bounce didn’t occur in a random place as here we have a combination of two Fibonacci levels (38.2 and 61.8) and a correction equality pattern. Sentiment here is definitely positive.
Silver is not far behind. Here, we also broke the upper line of the trend correction pattern, but in this case it was a wedge. We also broke the 38.2% Fibonacci and 16.8 USD/oz which will now be the closest support. A buy signal has already appeared.
Last one is the GBPJPY, where the situation is similar, but we don’t yet have a breakout of the upper line of the trend continuation pattern, so we do not have a trading signal yet. Apart from that, everything looks bullish, especially the price bouncing from the 38.2% Fibonacci level and the support created by the tops from December, May and July.