In this piece, we explore the technical outlook for gold prices, USD/JPY and EUR/USD, analyzing recent market behavior and trends to identify potential trading opportunities.
To break out of this holding pattern, gold will need to clear either the resistance at $2,355 or the support at $2,280. A move above resistance would likely shift focus towards $2,415, potentially rekindling interest in the all-time high. Alternatively, a breach of support could trigger a slump towards an important Fibonacci area at $2,260, with further downside risk towards $2,225 in the event of a breakdown.may be able to push towards 158.00. On continued strength, all eyes will be on the 160.
Alternatively, if upside pressure weakens and the exchange rate veers downwards unexpectedly, potential support zones include 154.65, followed by 153.15. Further losses below this juncture may reignite bearish sentiment, creating the right conditions for a descent towards trendline support and the 50-day simple moving average, positioned just above the psychological 152.00 mark.may be headed in the second quarter? Explore all the insights available in our quarterly outlook.
In the scenario of a bullish turnaround, the first obstacle to monitor lies near 1.0790, succeeded by 1.0820 – a technical zone that aligns with a medium-term downtrend line originating from the December 2023 highs. Additional gains beyond this point could open the door to a rally towards 1.0865, the 50% Fibonacci of the 2023 leg lower.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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