Trading in narrow range ahead of a busy day of economical figures, and after fading hopes of stimulus news, the pair managed to rise as high as 1.2330 so far ahead of 1.2350, a break there would open further acceleration towards 1.24010/35 zone, 24th July Low. On the other hand we have seen a higher low action during the past couple of days starting from 1.2225 30th July low up till now. Support levels are found at 1.2280 ahead of 1.2265, while 1.2225 remains the main trigger for bears.
Res: 1.2330, 1.2350, 1.2390, 1.2410
Sup: 1.2280, 1.2265, 1.2225, 1.2170
Negative outlook remains in play as long as the pair remains below 1.5700 to continue the head & shoulders pattern, another resistance is seen at 1.5730 ahead of medium term barrier of 1.5775, highest point since 22nd May. From the downside support can be visible at 1.5655 ahead of yesterdays low at 1.5625, a break would target 1.5590 and then 1.5550 zone.
Res: 1.5700, 1.5730, 1.5755, 1.5775
Sup: 1.5655, 1.5625, 1.5590, 1.5550
More volatility than yesterday is seen on the pair after the drop to first support at 77.95 during the Asian session, followed by the rise towards 78.30 zone where the first resistance is visible. A break of the said two points would open a direction for the pair either up towards previous peak of 27th July at 78.68 or below towards 77.65 low of 1st of June.
Res: 78.30, 78.40, 78.65, 78.95
Sup: 77.95, 77.65, 77.35, 76.50
Trading on a side way action until yesterday’s evening drop towards 1610 gave bulls the momentum to re-enter the market and lift the Gold towards 1620 resistance. Breaking that resistance would open further upside to previous highs of 1627-29 zone and maybe higher towards the upper range of the sideway medium term trend to 1640. On the other hand, holding 1620 would trigger bears to test 1610 and 1600 next, which might open further drop towards 1590 and 1582
Res: 1620, 1629, 1635, 1640
Sup: 1610, 1600, 1590, 1582