ForexInfoBook presents the weekly Forex technical analysis of GOLD,(XAUUSD), EURUSD and GBPUSD for 22 to 26 July 2019. Key data releases may provide direction to US Dollar. This could make Gold price reach its top and bottom trading ranges. EURUSD trading opportunity is seen with ECB Monetary Policy statement and Interest Rate decision. The Brexit uncertainty continues to make GBP trading relatively risky, however with a possible bottom formation provides a trading opportunity.
GOLD Technical Analysis
Our previous Gold technical analysis indicated price to further consolidate in the range 1400 to 1420. Price reached 1400 level and revered as expected providing aggressive traders a profitable long opportunity. Gold broke out on the back of dovish FED driving up the July rate cut expectation of 50 BP. Gold price broke 1440 level to make a high at 1453 and retraced back below the major resistance zone 1434-3439. Pull back was seen late on Friday after FED statements signaled only the already priced in 25 BP.
During this week, price action will focus on US GDP and IMF reports which may show weakness in global economy. Risk-aversion could strengthen US Dollar and Japanese Yen. GOLD may remain inside the ranges defined by 1400 and 1439. GOLD has priced in a 25 BP rate cut and move higher may need further dovish signals from FED. Escalations in political tensions in middle east could see retest of recent high at 1453. Break above 1440 on 50 BP rate cut would take Gold to 50% fib level at 1484 level.
GOLD (XAUUSD) Recommendation for this week:
Long GOLD @ 1405 (after a H1 reversal bar) with Stop-loss below 1395 for Targets 1430.
Short GOLD @ 1435 (after a H1 reversal bar) with Stop loss above 1445 for Targets 1400 and 1385.
Avoid Short trades in case price move is in reaction to FED dovish statements signaling further easing
Weekly EURUSD and GBPUSD Technical Analysis
GOLD Technical Analysis
Our previous Gold technical analysis indicated price to further consolidate in the range 1400 to 1420. Price reached 1400 level and revered as expected providing aggressive traders a profitable long opportunity. Gold broke out on the back of dovish FED driving up the July rate cut expectation of 50 BP. Gold price broke 1440 level to make a high at 1453 and retraced back below the major resistance zone 1434-3439. Pull back was seen late on Friday after FED statements signaled only the already priced in 25 BP.
During this week, price action will focus on US GDP and IMF reports which may show weakness in global economy. Risk-aversion could strengthen US Dollar and Japanese Yen. GOLD may remain inside the ranges defined by 1400 and 1439. GOLD has priced in a 25 BP rate cut and move higher may need further dovish signals from FED. Escalations in political tensions in middle east could see retest of recent high at 1453. Break above 1440 on 50 BP rate cut would take Gold to 50% fib level at 1484 level.
GOLD (XAUUSD) Recommendation for this week:
Long GOLD @ 1405 (after a H1 reversal bar) with Stop-loss below 1395 for Targets 1430.
Short GOLD @ 1435 (after a H1 reversal bar) with Stop loss above 1445 for Targets 1400 and 1385.
Avoid Short trades in case price move is in reaction to FED dovish statements signaling further easing
Weekly EURUSD and GBPUSD Technical Analysis
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