Technical Analysis

Gold drops to fresh weekly lows

Published on 2018-12-14 11:37 Share
Gold drops to fresh weekly lows.

USDJPY

USD/JPY is seen extending the retreat below the 113.50 level having travelled between a narrow 113.49-113.67 range in a quiet start to the last trading day of the week in Asia. Support stands at 113.00 level and a break through might lead to 112.50 region. On the flipside, a break above the 113.50 area will expose 114.00 region.

USDJPY-14-12-2018

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 112.91 113.10 113.33 113.52 113.75 113.94 114.17
WEEKLY 110.38 111.30 111.30 112.94 113.66 114.58 115.30
MONTHLY 110.53 111.42 112.44 113.33 114.35 115.24 116.26
 

EURUSD

EUR/USD is trading in the mid-1.1300s, little changed as ECB President Draghi stressed downside risks. A break below the 1.1345 support level could drag the pair back towards 1.1300 region. On the flipside, the pair is facing resistance near the 1.1375 and a move above that level clear the path for more gains towards the 1.1400 and 1.1500 resistance levels.

 EURUSD-14-12-2018

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1271 1.1301 1.1332 1.1362 1.1393 1.1423 1.1454
WEEKLY 1.1203 1.1257 1.1317 1.1371 1.1431 1.1485 1.1545
MONTHLY 1.0901 1.1058 1.1188 1.1345 1.1475 1.1632 1.1762
 

GBPUSD

GBP/USD is trading around 1.2620, down on the day. UK PM May was rebuffed in her efforts to secure concessions on the Irish backstop in the EU Summit as the Brexit saga continue. A break below the 1.2600 handle could drag the pair back towards 1.2545 and 1.2500 region. On the flipside, the pair is facing resistance near the 1.2680 and a move above that level clear the path for more gains towards the 1.2700 resistance level.

  GBPUSD-14-12-2018

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2538 1.2574 1.2614 1.2650 1.2690 1.2726 1.2766
WEEKLY 1.2463 1.2561 1.2645 1.2743 1.2827 1.2925 1.3009
MONTHLY 1.2142 1.2433 1.2593 1.2884 1.3044 1.3335 1.3495
 

GOLD

Gold prices break below the support level 1243 on the ascending triangle pattern and heading towards 1236 key support level. A break below that level might lead the precious metal could take it the weekly lows at 1220. On the other side resistance stands at 1250.79, and a rise through could take it to the next resistance level of 1264.

  Gold-14-12-2018

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1236.51 1240.48 1243.56 1247.53 1250.61 1254.58 1257.66
WEEKLY 1205.00 1215.80 1215.80 1245.00 1263.40 1274.20 1292.60
MONTHLY 1161.34 1181.87 1203.94 1224.47 1246.54 1267.07 1289.14

More Posts

ECB press conference in spotlight 2018-12-13 10:29

USD/pair is currently trading at 113.45, up 0.15 percent on the day having clocked a low of 113.20

GBP/USD testing 1.2500 critical level as Brexit evolution continues 2018-12-12 11:13

USD/JPY has a bullish sentiment consolidation near tops of 113.50, although remains underpinned by the risk-on rally in the Asian equities

GBP near 20-month low on Brexit setback 2018-12-11 10:55

GBP/USD is currently grinding its way back above 1.2580 following Monday's decline from the 1.2770 region, fuelled by the news that Prime Minister Theresa May would pulling her Brexit Withdrawal Proposal from the parliamentary vote

EURUSD Bulls expose 1.15000 handle in the long-term 2018-12-10 09:34

The bears are dominating for USDJPY pair having gone down below the 112.65 region from last week.

EURUSD little changes ahead of NFP 2018-12-07 11:47

The risk remains skewed to the downside, with the pair currently trading at 112.75 level

Yen advances-Brexit keeps Sterling near 1.2700 2018-12-06 10:33

USD/JPY pair came under some renewed selling pressure on and erased all the modest recovery gains recorded in the previous session.

Dollar Off the Lows as Safe-Haven Buying Resumes, Sterling Reverses Gains 2018-12-05 09:37

USD/JPY bounced-off two-week lows and is trading above the 113.00 level due to a broad-based US dollar rebound and BoJ’s Wakatabe dovish remarks

Dollar weakens as U.S. bond yields fall, U.S.-China agreed on a Trade War Truce 2018-12-04 09:30

EUR/USD is heading into European session higher with the euro scoring marginal gains in Asia as the benchmark US Treasury yield fell. The bullish move in the EUR/USD could gather pace in Europe, as the Italy-German 10-year bond yield spread continues

Gold climbs to near 1-month highs above $1230 level 2018-12-03 11:43

USD/JPY rallied on the off as a trade war truce between Washington and Beijing looks to be in the makings. USD/JPY is expected to find support at 113.00, and a fall through could take it to the support level of 112.60.