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Midweek Report 22 Jan

VIBHS Financial

Gold Last Friday, Gold broke through the support line from a Pennant formation, ending the possibility of a sharp projected move to the target area of this pattern up at 1364. It was then technically important for the Bulls to defend the 1276 support line and this is exactly what happened yesterday. Early trading today sees Gold trading circa the 1280 area, so there remains work to do for the Bulls. Should 1276 give way, then there would be room for further downside, but the longer-term picture is remains positive as long as prices remain above 1250. To the upside, there remain some stiff obstacles before any significant gains may be achieved. First is the recent high at 1298, followed by the psychological 1300 resistance. The major level comes in at 1309, the high failure from 14th June 2018. Only a close above this point could be the trigger for an up move from current levels.

Currencies GBPUSD is still showing volatility on the daily chart, which can indicate uncertainty therefore, it is worth switching to the longer-term weekly chart for more clarity. At December 2018 month-end, this pair staged a recovery after posting a low at 1.2427. Last week saw a high at 1.3001, but by Friday's close had slipped back to 1.2851. GBP has made some gains so far this week, but still sits below any key levels that indicate positivity. The first and most important of these, comes in at 1.3169 and is the 38.2 Fibonacci Retracement of the move down that began in April 2018.

VIBHS Financial Review

Source: https://www.vibhsfinancial.co.uk/vibhs_news/currency-update-22-jan-2019-fx-cfds-news-daily-chart-cable-gbp-usd-january-gold-jpy-currencies-vibhs-2019-majors-brexit.cfm
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