|EUR/JPY Intraday Technical Analysis|
|GBP/USD Intraday Technical Analysis|
After the bullish acceleration of Thursday, gold has stabilized approaching the upper limit of its channel at 1,625 supporting the hypothesis of a decline. However, a break of these levels will release good potential and initiate a violent bullish trend.
Technical indicators provide clear signals, but until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
Gold tests the upper limit of its channel that is why we recommend 2 scenarios: the first one is the hypothesis of a decline where we suggest a sell on the level of 1,625 with the 1st objective at 1,615 and then at 1,610. A breakthrough 1,628 will invalidate this scenario. The second scenario is the hypothesis of a break of its resistance and we recommend a “buy stop”. We advise to buy the gold as soon as it has broken through its resistance of 1,625 with the 1st objective at 1,635 and then at 1,640. A breakthrough 1,622 will invalidate this scenario.
Albert Fitoussi is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
Analytical expert: Albert Fitoussi
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