EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
XAU/USD is trying to make a top
Information is not investment advice
XAU/USD has been consolidating within the narrowing wedge since 2016. It seems like the price is trying to form a top in the upper part of this range and turn lower. The bearish candlestick on W1 with a very long upside wick is a negative sign. A decline below the support at 1,276 (38.2% Fibo of the 2018-2019 advance) will bring the price down to 1,260 (50-week MA) and 1,253 (50% Fibo). The picture will remain bearish as long as gold is trading below 1,302.
NZD/CAD has reached a 200-week MA (0.8950) and formed a “shooting star” candlestick on the D1. On the H4, we see a lower high.
XAU/USD has moved this week in line with its short-term uptrend and the overall long-term uptrend reaching $1 865.
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Bank of England Governor Andrew Bailey delivered a speech today. Let’s discuss what it means for a trader.
Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.