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Forex Trading

GBP/USD waiting for short at resistance?

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The GBP/USD pair has been moving up ever since the market opened this week. The latest temporary swing high was made at 1.2857/80. Moreover, the bulls have broken out from the ascending channel and downside trend line from 1.3440, which is another confirmation of the positive sentiment despite the overbought market situation.

The monthly base is at the level of 1.2000, the key long term technical resistance is seen at the level of 1.3218. Only if one of these levels are clearly violated, the main trend might reverse.

The U.S. tally for confirmed cases of the coronavirus illness COVID-19 has currently climbed above 4.29 million today, with the death toll exceeding 148,000. The U.S. counted another 1,000 COVID-19 fatalities on Monday for a sixth straight day, according to data aggregated by Johns Hopkins University. The virus continues to spread in the South and West and governors are responding in different ways.

This news has caused a spike in the price of Gold with the precious metal currently hovering at the 1950 range in a bid to breakout into the 2000 range.

Investors are advised to be nimble, to develop sophistication and have stringent risk-control measures in place to protect their capital. In addition to the long term promises of Gold, there are many short-term opportunities in silver ETF SLV, +0.27%.

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Forex Trading

Gold aiming for new highs.

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Gold is ready to take out a powerful resistance at $1862, which is the intersection of the previous day high and Fibonacci 38.3% one-day.

Up next, a dense cluster of major resistance levels is put up around $1862, where the Fibonacci 23.7% one-week, SMA100 four-hour and SMA100 one-hour coincide.

The buyers will then target the SMA50 one-day at $1870.

Meanwhile, a lack of healthy support levels makes gold look vulnerable, with an immediate cushion seen around $1848, which is the convergence SMA100 and 50 one-hour and SMA10 four-hour.

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Forex Trading

XAUUSD eyeing upside above $1916

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Risk sentiments joins the precious metal’s ability to stay beyond 50-day Simple moving average to attack the 100-day Simple moving average level of usd1,904.54. However, any further upside will eye for a multi-day-old resistance line around usd1,917.

Should gold buyers manage to cross usd1,918 on a daily closing basis, November’s high near usd1,965/67 will be in the spotlight.

Meanwhile, a downside break of 50-day simple moving average, at usd1,871 now, will attack an upward sloping trend line from November 30, currently around usd1,843.

If at all the commodity sellers dominate past-usd1,843, the monthly low near usd1,776 may return to the charts

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Forex Trading

Gold sees heavy loss.

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The precious metal picks up bids around usd1,840, up 0.21% intraday, during early Thursday. The yellow metal marked the heaviest losses since November 24 the previous day but 200- hourly moving average triggered the much-awaited bounce.

The U-turn gains support from the receding strength of negative monthly average convergence divergence signals to suggest further upside towards 100-hourly moving average , at usd1,852 now.

However, a downward sloping trend line from Tuesday, near usd1,857 now, will challenge gold buyers ahead of highlighting the recent top surrounding usd1,876 on their radars.

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