Gold bears weighing on the market this week following last weeks high of $1,343/oz, making fresh lows today following an uptick of US GDP data. Bears possibly eyeing a move down to $1,300/oz.
The EUR/USD pair eased toward 1.1340, the 38.2% retracement of its latest weekly decline, as only hopes were beyond the early advance. USD firmer across the board as Wall Street soars, Treasury yields hit 2-week highs.
Possible break of a flat top triangle for GBPUSD on the M15 Candle Chart.
This specific pattern gives a possible signal to the up or the down side.
The only thing we can do now is wait and see...
Gold had its largest single-day fall yesterday, by 1.1% falling right down to it's 200 day MA.
Investors could see possible long opportunities here, especially as the US$ remains flat.
If this resistance holds we could see a nice move down, but if it breaks we can look for the move up to at least fill the range of the fake out (false break of resistance)
The Average True Range is an underestimated indicator, especially more so when the coefficient is at the lowest rate since April 2014 (pre negative IR levels).
This could mean a significant move either to the upside or downside imminent as the range sets to turn.
The EURUSD is down over 1.5% this week, and this is mainly due to a rally in the US$, however, the...
