Technical Analysis

Gold bearish in the long run but corrective rally gathering steam

Published on 2018-06-22 09:34 Share

USDJPY

Earlier in the trading session today saw the pair rise possibly on rumors of US-China trade talks. Key support remains at 109.15 and a fall through could take it to the next support level of 109.50. On the other side, immediate intraday resistance stands at 110.00, and a rise through could challenge 110.50 resistance level next. However, overall, the medium-term picture remains bearish.

USDJPY

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 108.70 109.27 109.62 110.19 110.54 111.11 111.46
WEEKLY 107.97 108.58 109.06 109.67 110.15 110.76 111.24
MONTHLY 104.19 106.15 107.48 109.44 110.77 112.73 114.06
 

EURUSD

The Euro managed to reverse the early week's losses against the US Dollar, lifting back toward’ s Tuesday's highs near 1.1645. The pair is not yet out of the woods despite the latest recovery to the current 1.1600 region, but this may suggest that the upward corrective movement could continue. Key resistance is seen at 1.1644 with 1.1700 being next resistance. Support stands at 1.1500 region.

  EURUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1407 1.1458 1.1531 1.1582 1.1655 1.1706 1.1779
WEEKLY 1.1477 1.1565 1.1666 1.1754 1.1855 1.1943 1.2044
MONTHLY 1.0858 1.1183 1.1437 1.1762 1.2016 1.2341 1.2595
 

GBPUSD

GBPUSD may close today above 1.3270, confirming a short-term bearish-to-bullish trend change. Immediate resistance is seen at 1.3290, and a rise through here could take it to the next resistance level of 1.3300. On the flipside, the pair is expected to find support at 1.3130 and a fall through could take it to the next support level of 1.3100.

  GBPUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2975 1.3039 1.3142 1.3206 1.3309 1.3373 1.3476
WEEKLY 1.3134 1.3214 1.3313 1.3393 1.3492 1.3572 1.3671
MONTHLY 1.2507 1.2856 1.3078 1.3427 1.3649 1.3998 1.4220
 

GOLD

The long-run outlook remains bearish for Gold and it looks that the metal is set to test 1240. However corrective rally is likely to gather momentum if the precious metal finds acceptance above the 50-hour moving average. Immediate resistance is seen at 1269.30 area with a break from here targeting 1274.15 region. Support is seen at 1261.10 with a clear break from here exposing 1240 area.

  GOLD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1255.54 1259.37 1264.34 1268.17 1273.14 1276.97 1281.94
WEEKLY 1278.16 1284.03 1291.06 1296.93 1303.96 1309.83 1316.86
MONTHLY 1248.86 1267.03 1283.56 1301.73 1318.26 1336.43 1352.96

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