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Midweek Report 11 December

VIBHS Financial

Gold Last Tuesday, Gold finally closed above the 1238 Fibonacci level and although there was a delayed reaction from the Bulls, buying resumed on Friday. This was a strong session that saw a new recent high at 1250. The short Sunday session promised a gap higher for yesterday's open but did not happen. Early trading did witness another print up at 1250, but this was short-lived as sellers drove the market down to the low 1240's. If there is a pullback, then 1238 will now sit in the support column as will the much stronger 1230 level. Gold is a firmer in early trading today so control remains with the Bulls. The next resistance of note is the high from 9th July at 1266, although there is a chance that 1250 could still prove to be a stubborn area to crack.

Currencies
EURGBP has seen a strong start to the week triggered by a closing price above the .8939
resistance on Friday. Yesterday saw this market touch a high of .9087 before slipping back to
close at .9040. This high was just short of a major resistance up at .9098, the high from
28th August. On that occasion this pair saw a failure, followed by a prolonged Bear trend
that lasted until mid-November. With Brexit turmoil in focus, it is unlikely to see the same
reaction this time although the long upper shadow on yesterday's candle is a warning of
upside rejection. If there is a pullback, then the first support of note comes in at .8995.

VIBHS Financial Review

Source: https://www.vibhsfinancial.co.uk/vibhs_news/currency-update-fx-cfds-news-daily-chart-cable-gbp-usd-december-gold-jpy-currencies-vibhs-2018-majors-brexit.cfm
Disclaimer
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