Gold Tests New Highs

• 15 May 2020

USD/JPY

The USD/JPY pair has rebounded from the 106.62 price level and as such, has broken the descending trendline. The extent of the break will determine near-term price action. The next target is the 107.93 resistance level. Momentum indicators have upward trajectories. 

 

 

 

 

EUR/USD

The Eurodollar has reverted back to the 1.078 support line where a bullish rebound generally takes place at this price level. The pair seems likely to oscillate between the 1.078 and 1.098 price levels in the near-term.  Momentum indicators are neutral if slightly bearish.

 

 

 

 

GBP/USD

The GBP/USD pair may be establishing a new trading range with price action, once again, heading back towards the price floor at the 1.216 support level. The pair will likely oscillate between the 1.216 and 1.261 price levels in the near-term. Momentum indicators have moved into bearish territory.

 

 

 

USD/CHF

The USD/CHF pair has failed several times at the 0.973 price level. Each pullback results in another test of the resistance area and it seems likely that the pair will continue to move within the 0.961- 0.973 trading range. Momentum indicators are languishing in neutral territory. 

 

 

 

USD/CAD

The USD/CAD pair has broken the 1.397 price line to the upside and the next target is the 1.423 resistance area. However, each bullish move is met with the return of sellers to drive price action back to the support level. Momentum indicators are neutral. 

 

 

 

SILVER

A Silver rally has taken the metal back towards the 15.71 resistance area which represents an obstacle to buyers. Despite this, a moderate break is underway and if sustained, will see price action move towards the 16.55 price level. Momentum indicators have moved into the buy channel.

 

 

 

 

GOLD

Gold has begun to test the upper trading range at the 1728 resistance level, as buyers build momentum. A break would be significant a represent a move out of a recent trading range. Momentum indicators support the bullish bias with upward trajectories. 

 

 

 

 

OIL

WTI has finally pushed beyond the 22.76 resistance line yet despite the break, buyers lacked the conviction to drive price action. A target exists at the 30.95 resistance area which has proven to be an obstacle for buyers in the past. Momentum indicators have sharp upward trajectories.