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Gold: Can buyers hit a new leg higher? Today's focus: Pattern – Continuation Possible targets – 1978.50 Support – 1952.70 Resistance – 1965.55 Hi traders, and welcome to today’s update. After buyers held support on Monday, gold looks to be edging at new continuation in its current stage 1. Signs continue to favour buyers after they broke out of the medium-term downtrend last week. We want to see price beat resistance and hold support or, at a minimum, the moving average to a new uptrend for the last leg higher to remain valid. US retail sales data is due out today and could have an impact on the USD and Gold. Have a great day and good trading.
EIGHTCAP:XAUUSDLong
by Eightcap
V reversal watch on GBPUSD and EURUSDHi, and welcome to Thursday’s update. With all the recent buying of risk currencies to a retreating USD, we have noticed a V reversal pattern forming on the GBPUSD and the EURUSD. A V reversal pattern is, basically as it sounds, a price pattern that is shaped like a V. The pattern can show firm demand as buyers fight back quickly, matching the previous selling. After the V pattern, we like to see a new reaction lower, with buyers breaking the last high to confirm the pattern. At this stage, we are waiting to see if buyers can break that high on both pairs to confirm the pattern. If today’s rallies fail and we see the GBPUSD and the EURUSD break yesterday’s low, this would be seen as a warning, and it could also be telling us that buyer strength is not strong as first thought. This Friday’s U.S. employment data could also be a factor for the current pattern, and USD strength obviously could make or break this pattern. Traders will be paying attention to its release this Friday at 8:30 am EST. We like to hear from you, so please feel free to drop us a comment. We also run weekly webinars with guest analysts.
Long
by Eightcap