Technical analysis: gold fading near the resistance. Euro drifting lower

9 years ago - Published in Finance, Forex

Gold fading near the resistance at 1253 $

• Gold's bullish momentum faded ahead of key resistance at 1253. The metal is pushing slightly higher. Hourly supports lies at 1211 (26/02/2016 low). Daily resistance can be found at 1263 (11/02/2016 high).
• In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).

 

 Eur/Usd drifting lower

• EUR/USD continues to retrace the rebound that started from the low at 1.0810.The shortterm technical structure still suggests a further bearish move. Hourly resistance lies at 1.0891 (i01/03/2016). Hourly support can be found at 1.0810 (29/01/2016 low). Expected to show continued weakness.
• In the longer term, the technical structure favours a bearish bias as long as resistance holds. Key resistance is located region at 1.1453 (range high) and 1.1640 (11/11/2005 low) is likely to cap any price appreciation. The current technical deteriorations favours a gradual decline towards the support at 1.0504 (21/03/2003 low)

Analysis by Peter Rosenstreich, Chief FX Analyst, Swissquote Bank – 02/03/2016