INT
GOLD Buyers Return With Conviction
- 25 Oct 2018
USD/JPY
The USD/JPY pair has returned to test the 111.81 support level after a shift towards selling pressure. Momentum indicators are bearish; MACD is on the verge of breaking the zero line and RSI has a bearish trajectory.
EUR/USD
The EUR/USD pair has broken the 1.153 price level and the next target for sellers is the 1.133 price level. Momentum indicators remain bearish with MACD stalling below the zero line and RSI approaching oversold conditions at the 30 support level.
Impact event: ECB Monetary policy statement and conference at 12:30 GMT will announce all policy decisions made by the bank.
GBP/USD
Bearish momentum has sent the GBP/USD pair towards the 1.269 price level after having broken the 1.306 price level. Momentum indicators are bearish; MACD has broken the zero line and RSI has hit the 30 support areas.
USD/CHF
The USD/CHF pair has broken the 0.993 price level in a strong bullish move, however a series of doji candles may suggest that buyers’ appetite is waning. Momentum indicators also suggest that the bullish move may not last, as RSI has hit overbought conditions and MACD has stalled in bullish territory.
USD/CAD
The USD/CAD has crossed back below the 1.309 price level as well as the descending trendline. Now, the pair is testing the 1.302 price level as momentum begins to turn bearish as RSI has a downward trajectory.
SILVER
Silver has broken the 14.41 price level yet the move once again seems to have stalled after the break. The next target for buyers is the 14.91 price level. A new price range may have developed between the 14.41 and 14.91 price levels. MACD has just broken the zero line and RSI has a clear bullish trajectory.
GOLD
Gold has now managed to break the 1231.10 price level and is heading towards the 1241.48 price level. Momentum indicators reflect the strong bullish move indicating strength in conviction from buyers. RSI is approaching overbought conditions.
OIL
Oil price has rejected the ascending trendline, falling back to break a series of support levels. The commodity is now testing the 66.13 price level. Momentum indicators are also reversing; MACD has broken the zero line and RSI has hit oversold conditions, yet volume is rising indicating strong appetite from sellers.
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