As we can See, the pound has been still trading on highs above the Bullish trend line for the past months, We saw a retracement for the highs back towards the the 50 percent fibonacci levels from the highs set last week. The pound will be most likely testing the 61.8 level at the the price range of 1.3830-1.3850 , A bounce back at the following level and price...
At the beginning of the month i posted an idea for the gold move in Feb. Initially, The gold showed a bullish formation reaching 1880 after breaking the downside support reaching 1780 zone late last week and earlier this week. A bigger push towards the major support at 1760 was tested and broken yesterday showing the bearish strength on gold, Moving forward gold...
Expected movement for the gold in the next month, Being forced by different factors way may a slight bullish side way movement before reaching 1900. A pull back as shown on the graph on that may take us below 1800 in the near future. Other fundamental factors may influence the movement.
As long as we are trading below 1.1770 the euro is still trending in a sell zone and as we can see that level is acting is a good resistance and has been tested at fib level 61.8, we are most likely to see a continuation pattern based on trend analysis.
Gold Broke earlier reaching 1850, based on the fib retrace testing 61.8 and denying the breakout we might likely see another test before the continuation downtrend pattern or a direct push downwards.
Based on the chart we will see a breakout in the gold either ways. Breaking support at 1740-1742 or resistance at 1720 we will see the gold moving up to 1780 or down to 1680 intially and based on the following the likelihood of bearish a pattern is more viewable at this point.
We should see GU dropping from this area. 1.2194 zone has been a major point hard resistance/ support for the past week. Forming the double top GU should be falling to 1.185 full target. We saw a retest last week to 1.224 as major resistance and 1.223 and 1.226. Pushing down from here first stop at 1.2120 with a couple of key levels before continuing towards the target.
