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Daily analytical report (12/10/17)

Tomasz Wisniewski
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  • As expected, the FOMC had no major impact on the market but was enough to create a new bullish wave on gold. Here, a buy signal was created earlier when the price broke the upper line of the wedge formation. Before the FOMC, we were inside a bullish flag formation with higher chances of an upswing. That is exactly what happened. The closest resistance now is the area around 1,302 USD/oz, where we have two important Fibonacci retracements.
  • Next up is Bitcoin, where we have new all time highs. The recent price movements were not your typical "bubble chart". As long as we stay above the horizontal support on 4900 USD and the up trendline (green), the sentiment is positive.
  • Comments about reaching a deadlock in the Brexit negotiations caused a drop on the GBP. GBPAUD is about to create a nice head and shoulders pattern with a potential target of 450 pips. All we need here for a trading signal is a breakout of the horizontal neckline.

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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