Monday, 25 September 2017

Gold market - fight for level 1300 is not over

Posted by Valentine at 07:55 Labels:

Gold was under strong pressure during last two weeks as yellow metal corrected within boundaries of wider uptrend. As we expected, the price went down to the strategic level of $1300, but the bulls could not get hold of this mark. On a strong downward impulse, the bears pushed the price to area 1291. Thus our forecast remains in force, and we positively look at the gold market.

Level 1291-1300 is a viscous support zone that bulls will use for medium-term longs.  Moreover, at increasing volatility, drawdowns can reach the level of 1276, the level from which the last upward impulse began. Resistance starts from zone 1304 and further in the region of 1316.

Longs  in the area 1291-1276.

Technically euro continues to be in an uptrend

The last week was essentially inconclusive for the main Eur / Usd pair. The price remained unstable and moved slightly above the 1.1856 short-term support level. Nevertheless, we remain bullish as the main trend continues. While the price is above the key level 1.1665, the bullish trend remains in place. The support zone extends from 1.1856 to 1.1665 this week and can be used for longs with short stops.

Out of the market

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