Precious Metals Continue The Rally

• 30 Jan 2019

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USD/JPY

 

 

The USD/JPY pair appears to have stalled just below the 109.87 price level which has represents a previous support level and therefore a break would prove significant. MACD is continuing a more moderate bullish trajectory, however, RSI has stalled just beneath the default line.

 

 

 

 

 

EUR/USD

 

 

The EUR/USD pair has broken a key support area to test the 1.129 price level which resulted in a sharp bullish rebound and subsequently a break of the ascending trendline. The next target for buyers is the 1.145 price level. Momentum indicators are moderately bullish. 

 

 

 
 GBP/USD

 

 

The GBP/USD pair continues its rally to once again break the 1.292 price level and the 1.306 resistance level. The question remains; can the rally continue to the previous high of 1.330? Price action has turned more bearish and momentum indicators signal a potential reversal.

 

 

 

USD/CHF

 

The USD/CHF pair has once again been rejected by the 0.997 resistance level. Price action is now heading back towards the 0.986 price level. Momentum indicators have turned somewhat bearish; with MACD testing the zero line and RSI pulling back towards the default line. 

 

 

 

 

USD/CAD

 

 

The USD/CAD pair has established the 1.334 price level as a new key resistance area. Price action is climbing back from the 1.316 price level to test the 1.326 support level once again. Momentum indicators appear to be making a bullish recovery but remain in bearish territory. 

 

 

 

SILVER

 

Silver experienced a spike in bullish momentum which has resulted in a break of the 15.69 price level. The next target for buyers is the 16.12 price level. Momentum indicators are continuing the once subdued bullish momentum, as RSI climbs towards overbought conditions. Selling activity appears to be declining.

 

 

 

 

GOLD

 

 

Gold has continued a rally to break the 1303.94 price level after a short pause. Momentum indicators support the bullish sentiment with MACD extending its bullish position and RSI approaching overbought conditions.

 

 

 

 

OIL

 

 

WTI buyers have returned with moderate bullish moves to take WTI beyond $50 per barrel. The move has been supported by a bullish break of the zero line on MACD, although, a series of small-bodied candles indicate there is no significant directional bias.