GAFNN.com Blog

Looking at the Gold price daily chart in general overview, we find the strong upside rally achieved last week was able to put the price back to the main upside channel that appears clearly on the above image, and the minor image shows the last trading day of the last week above this support.

The pair succeeded to rally positively touching the resistance level of the minor upside channel shown in the image above, this channel assisted the pair to breach the main downside channel, while the upside rally stopped now when found strong resistance at 1.2800

Gold opened today's trading with clear negative bias attacking the retest level of the breached resistance shown in the image above, and despite that, yesterday's closing above the mentioned level –now at 1691.00- encourages us to keep our positive expectations on the intraday and short term basis.

EUR USD remained settled above the 1.2595 level closing another day above it, which provides more support to the bullish scenario expected for the intraday and short term basis.

Gold remained settled with daily close above the breached resistance that turns into support now at 1690.00, which provides a positive factor that supports resuming the bullish scenario on the intraday and short term basis, while we still waiting for upside targets starting at 1733.00

EUR USD pair succeeded to trade above 1.2595 again to settle with daily close above it, which supports our bullish expectations shown in our previous reports, organized within the minor upside channel in addition to the EMA50.

Gold price succeeded to breach the critical resistance level for the upside channel shown in the image above, this level turns to become support at 1688.00, and the mentioned breach reinforces the bullish scenario expected on the intraday and short term basis targeting 1729.00 as a main next target.

EUR USD pair remained stable above the downside channel's resistance line while the price still negotiates the horizontal resistance level at 1.2595

Crude Oil closed yesterday's trading below the upside channel's support line, which argues us to expect intraday bearish actions targeting 93.20