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Midweek Report 29 Jan

VIBHS Financial

Last week, after staging an impressive defence of the 1276 support, Gold finished positively. By the close of business on Friday, the Bulls had taken out the recent high at 1298 and produced a closing price above the psychological 1300 resistance. It has been a quiet but encouraging start to this week, with early trading today seeing prices just below the important 1309 resistance. A clean breach of this price could see the Bulls target 1366, although there is strong resistance at 1325. Should this market see a pullback, then 1298-1300 reverts to the support column followed by the major level down at 1276. As things stand, current technical conditions favour the Bulls.

GBPUSD is at an important crossroad currently which may have longer-term implications. Last week saw impressive gains, crucially closing above the 1.3169 Fibonacci Retracement. Although the market has slipped back for the start of this week’s action, there was another indication that this could be more than a healthy bounce. By breaching the high from 7th November 2018, the pattern of lower-lows and lower-highs has been broken, effectively cancelling the long-term Bear trend that began in April 2018. Although a pullback is possible, with 1.3186 being the first support followed by the major level sitting down at 1.3001, this currency pair seems to be defying the odds.

VIBHS Financial Review

Source: https://www.vibhsfinancial.co.uk/vibhs_news/currency-update-29-jan-2019-fx-cfds-news-daily-chart-cable-gbp-usd-january-gold-jpy-currencies-vibhs-2019-majors-brexit.cfm
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