A Temporary Pullback For Gold?

• 8 Apr 2020

USD/JPY

The USD/JPY pair has reverted back to break the 107.93 price level as buyers returned before price action hit the 106.62 support level. The pair may now oscillate between the 107.93 and 110.19 price levels. Momentum indicators are moving toward the default line as sentiment becomes more neutral. 

 

 

 

 

EUR/USD

The Eurodollar has moved to test the 1.089 support level and may re-enter a previous trading range whereby the 1.089 price level acts as a floor. Oscillations appear to be narrowing indicating price action may be stabilising. Momentum indicators have also stalled in bearish territory.  

 

 

 

GBP/USD

The GBP/USD pair failed just before the 1.251 price line and as such, has pulled back towards the 1.216 support level. Neither buyers nor sellers are dominating price action currently, with these two price levels forming a trading range. Momentum indicators have also flattened in neutral/bearish territory.

 

 

 

USD/CHF

The USD/CHF pair’s clearance of the 0.973 resistance line proved to be short-lived as sellers returned. The 0.983 represents a clear hurdle for the pair and any moves towards the resistance area inspires the return of sellers. Momentum indicators have stalled in neutral/bullish territory. 

 

 

 

USD/CAD

The USD/CAD pair has broken the ascending trendline in the first sign that sellers have begun to dominate price action. Buyers have returned, once again, at the 1.397 support level yet a break of this price line would be significant. Momentum indicators have flattened after reversing overbought positions. 

 

 

 

SILVER

The Silver revival has found support and price action has now pushed past the 14.30 resistance line. Selling activity still remains as denoted by the long upper shadow in recent trading. The next target is the 16.14 resistance line. Momentum indicators have moderate upward trajectories in support of the bullish bias. 

 

 

 

GOLD

Gold has climbed passed the 1609.97 resistance line and is now testing the 1660 price area. The test has inspired the return of sellers as downward pressure limits bullish price action. Momentum indicators support the bullish bias, RSI is approaching overbought conditions yet there is still room for further upside.  

 

 

 

 

OIL

WTI price appears to be making a moderate recovery with buyers returning to the commodity, albeit with weak conviction. A target exists at the 34.90 resistance area, representing the gap-fill line. Momentum indicators have upward trajectories.