Reversal Underway For Gold

• 23 Jul 2019

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USD/JPY

 

The USD/JPY pair has bounced back from the 107.16 price level, as the pair appears to be entering into a trading range between the 107.16 and 108.54 price levels. The pair continues to oscillate around the descending trendline. Momentum indicators are mixed with MACD remaining negative and RSI bouncing back from oversold conditions.  

 

 

 

 

EUR/USD

 

EUR/USD continues to test the 1.119 support level, which represents a key support area for the pair. A previous uptrend appears to have been broken after price action has moved away from the ascending trendline. Momentum indicators are moderately bearish with MACD breaking the zero line and RSI falling just below the default line. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has rebounded and continues to test the 1.253 price level, as the pair struggles to return to the 1.253- 1.274 trading range. Momentum indicators remain moderately bearish despite a mild recovery from oversold conditions and MACD has begun a bullish reversal.  

 

 

 

USD/CHF

 

The USD/CHF pair has rejected the 0.987 resistance line as well as the descending trendline, as the longer-term downtrend remains intact. The trendline will likely remain as a strong resistance area for the pair. Momentum indicators remain bearish with MACD extending below the zero line and RSI entering the bearish channel. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has broken the 1.309 resistance line and is once again testing a stronger resistance area at the 1.313 price level. A breakout will be confirmed if the 1.313 price level is broken. Momentum indicators appear to be undergoing moderate recoveries, turning more bullish. 

 

 

 

SILVER

 

Silver is consolidating within a tight trading range as buyers appear to have lost steam mid-rally. Given the pattern of price action, a reversal seems like a strong possibility. RSI reflects this pattern with a move back towards the overbought line. However, a break of the overbought line would be required to confirm a reversal.

 

 

 

 

GOLD

 

Gold continues to oscillate around the ascending trendline, yet has broken the 1439.13 resistance line, which may be the first sign of a reversal. Momentum indicators are also pulling back from overbought conditions in apparent bearish reversals. 

 

 

 

 

OIL

 

WTI has once again retraced from the $60 per barrel range. A sell-off has taken price action to break the descending trendline, where a series of doji candles have formed indicating indecision. Momentum indicators are marginally bearish, with MACD testing the zero line and RSI remaining in the bearish channel. 

 

 

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