FxGrow Daily Technical Analysis – 08th Jan, 2018
By FxGrow Research & Analysis Team
Gold And EUR/USD technical Overview Ahead of NFP
Gold inaugurated Friday trading session with almost $7 losses after peeking to 1323.43 high as a correction with expectations for more upward action in the coming trading sessions. With daily RSI above 70 indicating an overbought market, it is expected that the precious metal could test 5-EMA at 1312 and 10-EMA at 1302 which could recoup gold bulls before extending further upside action.
As for EUR/USD, the pair clocked 4-months fresh highs yesterday at 1.2088 with expectations to take 2017's highs and extend gains at 1.2230.
Gold Technical Overview:
Closing price: 1321.94
Target price: None
Resistance levels: 1318 - 1328 - 1334
Support levels: 1314/12 - 1305
Trend reversal price: 1293
Comment: The market is bullish and it shows potential at 1328+/- and 1350. Trade is positioned to extend rallies today, but be in guard for stall and setback around 1328+/-. Any corrections that last two days and stays over yesterday's lows will maintain bull forces. A drop under 1305 alerts for a near term reversal info corrections back under 1300-. cautioning for back tracking 1293* and in case gold closed below it, the trend will shift downward.
EUR/USD Technical overview:
closing price: 1.2068
target price: 1.2100
Resistance levels: 1.2100 - 1.2150
support levels: 1.2020 - 1.1990 - 1.1950*
Trend reversal price: 1.1950*
Comment: The short term trend is up and pressing rallies give bull signals for a run at 1.2100+. A close over 1.2100 is bullish. A back off from 1.2100 cautions for 1-2 corrective - flagging setback days. Corrective dips should now should now fight to hold over 1.1990 to maintain upside momentum forces. Although, only a close below 1.1950* flips the short term trend forces down.
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Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.