Precious Metals Are On The Tear

• 20 Jun 2019

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USD/JPY

 

Dollar weakness has sent the USD/JPY pair further into bearish territory to test the 107.61 support level.  This support level represents a recent low at prices that have not been touched since a sell-off in January. Momentum indicators are bearish however, RSI has reached oversold conditions which on previous occasions has resulted in a momentum reversal. 

 

 

 

 

 

EUR/USD

 

The EUR/USD pair has once again returned to the 1.125 price level as buyers returned after price action rejected the 1.119 support level.  The question is whether the bullish momentum can be sustained in order to develop an uptrend. Volatility in the near-term makes that unlikely. Momentum indicators are mixed despite being in bullish territory; with RSI developing an upward trajectory and MACD turning towards the zero line. 

 

 

 

 
 GBP/USD

 

A price reversal is underway for the GBP/USD pair after a break of the 1.260 price level has taken price action towards the 1.271 resistance line. A break of this resistance level would represent the end of bearish sentiment that has dominated since May of this year. Momentum indicators reflect the bullish sentiment with upward trajectories.

 

 

 

USD/CHF

 

The USD/CHF pair is now testing the 0.990 support level, after a strong sell-off reversed the bullish bias which took the pair to test the 1.001 resistance line. Momentum indicators have extended into bearish territory with RSI once again approaching oversold conditions.

 

 

 

 

USD/CAD

 

The USD/CAD pair has failed to create a meaningful break of the ascending trendline and sellers have returned to push price action to break the 1.330. The previous uptrend has broken down with the ascending trendline now representing a resistance area. Momentum indicators support the bullish bias with MACD breaking the zero line and RSI beginning a downward trajectory.  

 

 

 

SILVER

 

Silver has gained traction as buyers take price action away from the 14.76 price level towards the 15.23 price level.  Price action has currently failed at this price level. However, the metal may return to a previous trading range between the 15.23 and 16.06 price levels. Momentum indicators are bullish with MACD breaking the zero line and RSI continuing a bullish trajectory. 

 

 

 

 

GOLD

 

Gold has found buyers with considerable conviction taking price action well beyond recent price highs. There is some indication that appetite is waning, as long upper shadows represent a push back of buyers. MACD has extended into bullish territory and RSI has pushed beyond the 70 overbought zone. This suggests that bullish momentum may not last. 

 

 

 

 

OIL

 

WTI has found support in recent trading as geopolitical issues have highlighted potential supply issues. As such this has resulted in price action heading towards the $55 per barrel range. Momentum indicators are making a recovery from bearish conditions with bullish trajectories. 

 

 

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