2018-11-28
Gold price as we expected from our previous analysis is pulling back towards $1,210 and the 61.8% Fibonacci retracement level. This is our minimum expectations and price is following the path lower. Short-term trend is bearish as long as price is below $1,230.
Blue rectangle- major resistance area
Red rectangle - short-term major resistance
Green line - important trend line support
Gold price reversed as expected from $1,230 and is now challenging short-term support. As long as price is above the green trend line support, bulls will continue to hope for a new up trend towards $1,260-70. For this scenario to be confirmed we need a break above $1,230 and most importantly a break above the October highs. On the other hand bears want to see price break below $1,202 where we find the green trend line support and most importantly below $1,196. If this happens, we should expect Gold to continue lower towards $1,100 or even lower.
Technical analysis for EUR/USD for November 28, 2018
2018-11-28
EUR/USD has broken through the 1.1330 support area and is trading below 1.13. Price fell as low as 1.1277 where the critical support area was pointed out several days ago. Trend remains bearish and we continue to expect a move lower towards 1.12-1.11 as long as price is below 1.14-1.1420.
Red rectangle - short-term major resistance
Green line - important trend line support
Gold price reversed as expected from $1,230 and is now challenging short-term support. As long as price is above the green trend line support, bulls will continue to hope for a new up trend towards $1,260-70. For this scenario to be confirmed we need a break above $1,230 and most importantly a break above the October highs. On the other hand bears want to see price break below $1,202 where we find the green trend line support and most importantly below $1,196. If this happens, we should expect Gold to continue lower towards $1,100 or even lower.
Technical analysis for EUR/USD for November 28, 2018
2018-11-28
EUR/USD has broken through the 1.1330 support area and is trading below 1.13. Price fell as low as 1.1277 where the critical support area was pointed out several days ago. Trend remains bearish and we continue to expect a move lower towards 1.12-1.11 as long as price is below 1.14-1.1420.
Yellow rectangle - major short-term resistance
Green line - major medium-term support
Blue lines - bearish channel
Red line - trend line resistance
EUR/USD is making lower lows and lower highs. After getting rejected at 1.1450 I pointed out that a break below 1.1355 would be a bearish sign and would push prices lower. This is what happens right now as I continue to expect lower levels to be seen. Price has reached very important support area at 1.1270 and that is why price is bouncing. Bears do not want to see price break above 1.1330 and most importantly above 1.1370. Bulls on the other hand do not want to see price break and close below the green support area. I remain bearish.
Green line - major medium-term support
Blue lines - bearish channel
Red line - trend line resistance
EUR/USD is making lower lows and lower highs. After getting rejected at 1.1450 I pointed out that a break below 1.1355 would be a bearish sign and would push prices lower. This is what happens right now as I continue to expect lower levels to be seen. Price has reached very important support area at 1.1270 and that is why price is bouncing. Bears do not want to see price break above 1.1330 and most importantly above 1.1370. Bulls on the other hand do not want to see price break and close below the green support area. I remain bearish.
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