Technical Analysis

Gold Bullish Supported By A Rising Trend Line

Published on 2018-08-21 11:33 Share

USDJPY

USDJPY has faded the drop to an eight-week low of 109.77 and is now trading above 110.00. Currently, the USDJPY is trading at a session high of 110.11, having clocked an eight-week low of 109.77 today. Key support is found at the 109.80 and further down is 109.50 level. If the USDJPY pair trades above the 109.55 level, buyers are likely to test towards the 111.00 and 111.44 resistance levels.

USDJPY

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 108.92 109.42 109.69 110.19 110.46 110.96 111.23
WEEKLY 108.59 109.35 109.92 110.68 111.25 112.01 112.58
MONTHLY 107.50 108.89 110.39 111.78 113.28 114.67 116.17
 

EURUSD

The EUR/USD pair jumped to 1.1542 in Asia – the highest level since Aug. 9 as the Asian desks offered the USD in response to the overnight drop in the treasury yields. The pair breached resistance zone of 1.1480-1.1500 and now is targeting 1.1525 and 1.1560. On the downside, supports are aligned at 1.1490, 1.1420 and 1.1375.

 EURUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1329 1.1362 1.1427 1.1460 1.1525 1.1558 1.1623
WEEKLY 1.1195 1.1247 1.1343 1.1395 1.1491 1.1543 1.1639
MONTHLY 1.1360 1.1466 1.1578 1.1684 1.1796 1.1902 1.2014
 

GBPUSD

The GBPUSD pair started an upward move and corrected above the 1.2700 level. The pair gained traction and moved above the 1.2700 and 1.2790 resistances. Should the pair continue to move higher from the current levels, it could face a strong resistance near the 1.2840 and 1.2850 levels. On the downside, the 1.2740 level is a decent support, below which, the recent low of 1.2660 is likely to prevent losses. If the pair break the 1.2660 low, there could be more losses towards the 1.2600 level in the near term.

  GBPUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2680 1.2705 1.2755 1.2780 1.2830 1.2855 1.2905
WEEKLY 1.2503 1.2583 1.2668 1.2748 1.2833 1.2913 1.2998
MONTHLY 1.2527 1.2742 1.2934 1.3149 1.3341 1.3556 1.3748
 

GOLD

Gold is trading above the 1190.00 handle and is billed to remain bullish in the short to medium term. Key resistance level is 1195 with a break from here to target 1200 level. A turn above there will expose the 1204 level. Conversely, supports resides at 1190.00 where a break will turn attention to the 1183 level and further down resistance is seen at 1160 region.

  GOLD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1183.90 1186.80 1192.40 1195.30 1200.90 1203.80 1209.40
WEEKLY 1110.14 1135.77 1156.14 1181.77 1202.14 1227.77 1248.14
MONTHLY 1152.24 1181.97 1202.84 1232.57 1253.44 1283.17 1304.04

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