2018-05-31
Gold price is ready for a move higher towards $1,320-$1,330. It is breaking above the medium-term resistance trend line and should rally for at least a few days. I remain bullish on gold.
Purple line - short-term support
Yellow line - medium-term resistance
Green horizontal lines - targets
Gold price is moving above the yellow trend line resistance respecting the purple line support. Gold is making higher highs and higher lows. The precious metal has started a reversal off the $1,280 area where the 61.8% Fibonacci retracement of the rise from $1,236. Gold is expected to move strongly upwards from now on towards our minimum $1,320-30 target area.
Trading Plan for EUR/USD for May 31, 2018
2018-05-31
Technical outlook:
The EUR/USD pair has finally produced an engulfing bullish candlestick pattern on the daily chart as presented here. As expected, the pair is now poised to stage a counter trend rally towards the 1.1950-1.2050 handle in the next few days. The Elliott channel resistance is also seen around the same region by June 06, 2018. Please note that the corrective rally is expected to be a zigzag corrective move, since the current raise through 1.1689/90 looks to be an impulse push. Looking into the wave counts, it is now quite clear that EUR/USD has completed the waves (1) through (3) and is towards the wave (4) corrective rally through the near-term resistance at the 1.1950-1.2050 levels. Also note that the downward trend remains intact till the prices stay below the 1.2150 levels going forward. Selling on rallies remains a conservative trading strategy.
Trading plan:
Aggressive traders should remain long with stop below the 1.1500 levels, targeting 1.1950 at least.
Fundamental outlook:
watch out for Euro Zone Consumer Price Index at 0500 AM EST, followed by CAD GBP and USD PCE Core at 0830 AM EST.
Good luck!
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