Precious Metals Find Support At Start Of Trading Week

• 28 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 formed as a sticking point for the pair, representing a previous support level and therefore a break would prove significant. MACD is continuing a sharp bullish reversal however, RSI has flattened just below 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. However, momentum indicators are mixed; with MACD breaking the zero line, however, RSI has rebounded to test the default line. 

 

 

 
 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? Momentum indicators support the bullish bias as MACD has extended into bullish territory, however, RSI has reached overbought conditions, therefore the rally may be coming to an end shortly.

 

 

 

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 are mixed; with MACD breaking the zero line yet RSI has also pulled back from the overbought area. Buying volume has risen.

 

 

 

 

USD/CAD

 

 

The USD/CAD pair has established the 1.334 price level as a new key resistance area. Price action has rejected this level with strong bearish momentum including a break of the 1.326 price level. MACD extended its position into bearish territory and RSI continues a downward trajectory.

 

 

 

SILVER

 

Silver experienced a spike in bullish momentum which resulted in the metal breaking the 15.69 price level. The next target for buyers is the 16.12 price level. Momentum indicators have turned more bullish as MACD extends its bullish position and RSI continues an upward trajectory. At the same time, buying volume has also risen. 

 

 

 

 

GOLD

 

 

Gold has continued a rally towards the 1303.94 price level after a short pause. A break would prove significant as the price level represents a recent price high. Momentum indicators support the bullish sentiment with MACD extending its bullish position and RSI forming an upward trajectory.

 

 

 

 

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, an upward trajectory on RSI and rising buying volume.