Spot gold continued its decline in early European trading on Wednesday, with the yellow metal trading near $1,806 an ounce. Leading financial information website Economies.com on Wednesday, the day’s euro/dollar, sterling/dollar, dollar/yen and gold trend forward analysis.
Gold could have nearly $30 more to fall once it falls below $1,794.84 an ounce, according to Economies.com.
Eur/USD has rallied since yesterday and briefly passed the 1.1900 level, supporting our bullish view over the next few sessions as we wait for euro/USD to test the next major target 1.2011 level.
From the 4-hour chart, the EMA 50 indicator supports continued bullish euro/DOLLAR. As long as it stays above 1.1840, bullish expectations will remain valid.
Euro/dollar is expected to trade between support at 1.1840 and resistance at 1.2011.
Today’s expected trend for euro/dollar is bullish.
GBP/USD closed above the bullish channel resistance line yesterday, further confirming that the exchange rate will continue its bullish trend within the day and in the short term and paving the way for GBP/USD to rise towards its main bullish target of 1.3482.
So we are waiting for GBP/USD to move higher in the coming days. It should be noted that once GBP/USD falls below 1.3310, this will stop the expected rally and put correction pressure on the GBP/USD to target 1.3190 and possibly 1.3105 before trying again for a rebound.
Sterling/DOLLAR is expected to trade between support at 1.3300 and resistance at 1.3482.
Today’s expected trend for sterling/dollar is bullish.
As the chart shows, the DOLLAR/yen closed below resistance yesterday, with random indicators sending a clear negative signal, which could allow the dollar/yen to continue its major bullish trend, with the first target at 103.65.
As a result, dollar/jPY is forecast to be bearish today. It should be noted that once USDjPY falls below 103.65, this will push it down to the next target of 103.00. If usdJPY breaks through 104.65, this will halt the expected decline and push it up to 105.20 before trying again to fall.
Usd/JPY is expected to trade between support at 103.65 and resistance at 105.00.
Today’s expected trend against the dollar/yen is bearish.
Gold fell sharply yesterday and is close to our long-awaited target of $1,794.84 an ounce. It is worth noting that its recent deals in the bearish in the flag of the gold price fell below support in the form of a line, so bearish on the power, we are waiting for the factors pushed gold prices to fall further in the next few trading days, and test of $1794.84 an ounce, if below this level, this will bring the price fall down the empty open road target $1765.00 an ounce.
As a result, the bearish trend will continue to dominate in the coming trading sessions. It should be noted that if gold breaks through $1,819.00 an ounce and $18,30.00 an ounce, this will arrest the expected decline and prompt a rebound in gold prices, with the first target at $1,860.90.