2018-05-29
Gold price remains supported in the short-term despite a widespread dollar's strength. Gold remains above $1,290 and is expected to make a new move higher at least towards $1,320-30 area. This is very important confluence area of resistance.
Yellow line - resistance
Purple line- short-term support
Green lines - targets
Gold price is making higher highs and higher lows. The price has stopped at the yellow line resistance and pulled back as expected towards the purple support trend line. Resistance is at $1,304.50 and support lies at $1,294-95. I expect the gold price to move higher the next couple of weeks towards $1,320-30. I'm bullish on gold.
Technical analysis of EUR/USD for May 29, 2018
2018-05-29
EUR/USD is making new lower lows below 1.16 while the bullish divergence signs remain in place. The trend is still bearish. The price holds below the Ichimoku cloud resistance and inside a downward sloping wedge pattern.
Red lines - downward sloping wedge
Blue line - bullish divergence
EUR/USD is still in a bearish trend, making lower lows and lower highs. Although yesterday the price started strongly above 1.17, bulls could not support it and sellers pushed the price below the 1.1670-1.1660 support area. The price continues to make lower lows and lower highs. The short-term resistance is now at 1.1640 and the next one will be found at 1.1730. 1.1550 is next support. For the bigger bounce to start we need a break above 1.1740.
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