Gold has been rising steadily and tested the initial levels of the 1940-1980 range
January 5, 2021The WTI price moved further into a positive zone above 48.00 and 48.50 level.
January 7, 2021EURUSD
EURUSD has fallen below 1.2327 within the 1.23-1.2350 resistance zone. It remains to be seen whether this resistance will last a few sessions to pull the euro and signal the strength of the dollar for the next few sessions. However, the euro’s immediate weakness could be limited to 1.2150. The euro needs a break above 1.2350 to strengthen further.
GBPUSD
GBPUSD stayed neutral as 1.3702 could extend stability. Another rally is expected though as long as 1.3428 is supported. The interval from 1.3707 will resume the full climb with a projection from 1.1409 to 1.1409 to 1.1799 to 1.792 to 1.8379 to 61.8%. However, a break in the 1.3428 support will point up in the short term and the deep pull will turn the downtrend backwards.
USDJPY
USDJPY tested 102.59 before bouncing back from there. We may expect the bounce to be limited to 103.50/75 before another dip is seen. Immediate scope of a rise to 103.50/75 looks likely.
AUDUSD
The AUD / USD rally continued after a brief stabilization and intraday bias is back on the upside. The current trend of 0.5506 should target the next forecast of 61.8% from 0.6991 to 0.5506 to 0.7413. Below, the 0.7641 support interval must be the first sign of a near-term topping out. Otherwise, outlook will remain bullish in case of retreat.
USD/CAD’s decline resumed after brief recovery and intraday bias is back on the downside. Current down trend from 1.4667 should target 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473 next. On the upside, above 1.2797 minor resistance will turn intraday bias neutral again. But outlook will remain bearish as long as 1.2957 resistance holds.
WTI
The WTI has risen well, breaking above immediate resistance of 48-49 respectively. Overall view is bullish for the medium term towards $52-53 but we would wait to see if the rise seen today manages to keep the upside momentum intact or drags it down again to keep the sideways range intact.
XAUUSD
A new rise in the price of gold against the US dollar has begun. The price broke many key barriers near $ 1,900 to get into the positive zone. The upward move gained pace above the $1,935 resistance and the price even broke the $1,945 level. If the current trend remains intact, there are chances of more upsides above $1,955 and $1,960.
If there is a downside correction, the previous resistance at $1,935 might provide support. The main support is now forming near the $1,905 and $1,900 levels (the recent breakout zone).
