2018-06-21
Gold price is making new lows. Trend remains bearish and there is no sign of a reversal. I believe Gold is oversold at the urrent levels and traders should not look at the bearish side but be bullish at current levels. I believe Gold is a fantastic buying opportunity below $1,280.
Red line -long-term resistance
Green line - long-term support
Gold price on a weekly basis is making lower lows and lower highs. Price is inside the Ichimoku cloud area making trend neutral in cloud terms. As long as price is above the green trend line support I remain bullish considering this pull back a great buying opportunity. Weekly support is at $1,243. Resistance is at $1,277 at the upper cloud boundary and next at $1,310. A break above $1,310 will open the way for a move towards $1,360 and higher.
Technical analysis on EUR/USD for June 21, 2018
2018-06-21
The EUR/USD pair is near its 2018 lows just 50 pips above 1.15. Next major support is at 1.1450. However in the short-term we observe a bullish wedge pattern being formed together with bullish divergence warning signs on the 4-hour chart.
Blue lines converging - bullish wedge patternBlue upward sloping line - bullish divergence
The EUR/USD pair has resistance in the area of 1.1575-1.1580. A break above this level could provide a nice short-term bullish signal for a move towards 1.1650-1.17. Support is at 1.1520. A break down below this level will open the way for a move towards 1.1450 at least.
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