In Early European trading on Friday, the US dollar index rebounded modestly, while sterling fell against the US dollar and is now trading at around 1.3055. Spot gold is located in 1945 dollars/ounce near the Asian market, the end of the short – term gold price dive, once fell to 1940 dollars/ounce barrier. Leading financial information website Economies.com on Friday, the day’s euro/dollar, sterling/dollar, dollar/yen and gold trend forward analysis.
Eur/USD is currently around EMA 50. It is worth noting that the random indicator shed its negative momentum and hit oversold territory, waiting for this factor to push the EUR/USD back into its main bullish trend with the next target at 1.1908.
So the bullish scenario will hold for some time to come. It should be noted that the euro/DOLLAR bullish trend is conditional on the exchange rate remaining above 1.1737. If eur/USD falls below 1.1737, this will lead to more bearish adjustments, with the next target at 1.1632.
Euro/dollar is expected to trade between support at 1.1737 and resistance at 1.1908.
Today’s expected trend for euro/dollar is bullish.
Sterling fell against the dollar after hitting the $1.3125 area and again testing support lines, which need to be wary of afternoon trading. If GBP/USD continues to come under bearish pressure and falls below 1.3045, this will force the exchange rate to fall further and test the most important support level, 1.2965, before attempting a rebound again.
Overall, as long as GBP/USD stays above 1.3045, the overall bullish scenario will remain valid for some time to come. The next major target is 1.3185.
Sterling/DOLLAR is expected to trade between support at 1.2980 and resistance at 1.3160.
Today’s expected trend for sterling/dollar is bullish.
Usd/JPY resumed its rally after yesterday’s fall and is close to 107.00, which makes our bullish view still valid for the day and short term. From the 4-hour chart, the EMA 50 indicator is supporting USDjPY, with the next target at 107.68.
It should be noted that the usd/JPY bullish trend will continue if the exchange rate remains above 106.44.
Dollar/Yen trading is expected to trade between support at 106.20 and resistance at 107.70.
The expected trend for usd/JPY today is bullish.
After closing above $1,934.68 an ounce yesterday, gold was confirmed to have breached this level, briefly approaching our first bullish target of $1967.90 an ounce. It is now waiting for gold to gain positive momentum, which would push the price higher in the period ahead. A break above $1967.90 an ounce is a key factor in gold’s rebound to the next bullish target of $2008.80 an ounce.
Therefore, we will continue to expect gold to be bullish for some time to come. It should be noted that if gold falls below $1,934.68 an ounce, this will put bearish pressure on gold, with the first test being $1,901.80 an ounce, and the decline could even extend to $1,860.90 before another attempt at a rebound.