Spot gold continued its rise in late Asian trading on Wednesday, trading at around $1,861 an ounce. Economies.com on Wednesday published a forward-looking analysis of the day’s trends in euro/dollar, sterling/dollar, dollar/yen and gold.
EUR/USD closed above 1.2173 yesterday, pushing it back into the main bullish trend and poised to test the first bullish target of 1.2300, which could take it further to 1.2350 if breached.
Therefore, EURUSD is still forecast to be in a bullish trend for some time to come. It should be noted that a break of 1.2220 in EUR/USD would help push the above bullish target. Until EURUSD breaks below 1.2173 and stays below this level, the bullish trend remains in place.
EUR/USD is expected to trade between support at 1.2150 and resistance at 1.2300 today.
Today’s forecast trend for EUR/USD is bullish.
GBP/USD rallied strongly above 1.3550 and is now trading near the 1.3700 marks, which has stopped the recent bearish scenario and pushed GBP/USD back into the main bullish trend. GBP/USD has opened the way to the next major target of the 1.3860 area.
So as long as GBP/USD stays above 1.3600, expect further gains in the coming sessions.
GBP/USD is expected to trade between support at 1.3600 and resistance at 1.3800 today.
Today’s forecast trend for GBP/USD is bullish.
USDJPY fell sharply yesterday, losing 104.10 and hitting the most important support level of 103.65. USDJPY fell further into the session, trading below 103.65, which pushed it further lower and returned to the main bearish track with the next bearish target at 102.50.
As a result, USDJPY is forecast to be bearish in the next few sessions. One thing to keep in mind is that if USDJPY breaks above 104.10, this will stop the current bearish pressure and push the outlook into a bullish direction.
USD/JPY is expected to trade between support at 102.90 and resistance at 104.10 today.
The expected trend for USD/JPY today is bearish.
Gold’s strong rally from the $1838.10 / oz area keeps the bullish trend scenario in place for some time to come. Gold is close to forming a new double bottom, with the confirmation level at $1,863.80 / oz. A break above this level would propel gold to our long-awaited bullish target. The first target for gold is $1,80.00 / oz with higher targets at $1,928.60 / oz.
As long as gold remains above $1,838.10 / oz, the bullish trend scenario remains.
Gold is expected to trade between support at $1845.00 and resistance at $1880.00.
The expected trend for gold prices today is bullish.