Gold Expected to Rally Further
Today we are seeing a nice setup on XAUUSD as it bounced off our first support and we are expecting a further rally up to our major resistance target. GBPUSD is also seeing a nice setup as price is approaching a strong area of resistance and we are expecting a drop to our major support target which coincides with a Fibonacci retracement and Fibonacci extension. A breakout below our intermediate support might provide the bearish acceleration to our major support target. Here are some of the calls which we made yesterday:
1. EURJPY bounced nicely up from our first support and is approaching our major resistance targetChart Link: https://www.tradingview.com/chart/EURJPY/FqwpPO4D-EURJPY-approaching-support-potential-bounce/
2. GBPJPY bounced perfectly off our first resistance and is well on its way to our major resistance target:
Chart Link: https://www.tradingview.com/chart/GBPJPY/sJe9lR0P-GBPJPY-is-approaching-support-potential-bounce/
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.
Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.