Daily Insights

Gold Buyers Return

• 3 Oct 2018

   

USD/JPY

The USD/JPY pair has stalled before reaching the 114.19 price level and has pulled back to test the 113.54 price level. Momentum indicators remain bullish with RSI pulling back slightly from the 70 resistance level.  

 

   

EUR/USD

The EUR/USD pair has rejected the 1.153 price level and appears to be making a bullish recovery. Momentum indicators remain bearish; with MACD approaching the zero line and RSI approaching the 30 support level.

 

GBP/USD

The GBP/USD pair has broken the 1.306 price level as well as testing the ascending trendline. Previous tests of the ascending trendline have resulted in a bullish retracement. Momentum indicators have turned bearish.    

USD/CHF

The USD/CHF pair has broken the 0.981 price level which represents a long term support level. Momentum indicators are bullish with MACD approaching the zero line, however, RSI appears to have stalled just below the overbought area.    

USD/CAD

The USD/CAD may be beginning a bullish reversal after candlestick patterns indicated a stall in the recent bearish trend. RSI is approaching oversold conditions and MACD has extended its bearish position.    

 

SILVER

Silver has broken the 14.41 price level in an apparent bullish move which may send price action towards the 14.91 resistance line. MACD has turned sharply bullish and is heading towards the zero line. Volume has declined in recent trading indicating buyers' conviction may be waning.      

GOLD

Gold buyers have returned to the market after a previous rejection of the 1209.70 price level. Momentum indicators have turned sharply bullish with MACD approaching the zero line. RSI has also begun a bullish trajectory.        

OIL

Oil price is being dominated by bulls in recent trading with a strong bullish break of the 73.44 price level. At the same time, price action is also testing the ascending trendline to the upside which represents strong positive momentum for oil. Momentum indicators are bullish, however, RSI has reached overbought conditions.