An overview of important support and resistance levels of the four major currency pairs of the ongoing week.
• First key support level of EUR/USD: 1.022407
• First key support level of USD/CHF: 0.965557
• First key support level of GBP/USD: 1.192532
• First key support level of USD/JPY: 137.379314
Gold and Buy Opportunities
The Gold chart has been in a strong and steady downward trend since March, enabling buyers to record the lowest price level of 1697.57 within this decline. Regarding the type of price actions in longer time frames like weekly and monthly, there is no clear evidence for price reversal and price decline. In the case that the support level of $1700 breaks, the price has the potential to decrease and reach the important support level of $1680.
In shorter time frames like weekly, concerning the price reaching the support level of $1700 (This level has been labeled as the buyers’ target price in a recent downtrend), the price has stopped the further decline and tries to make the price bottom in this support level. Regarding the formation of the Spinning top candlestick pattern, which signifies the market uncertainty about any decrease or increase (mostly a sign of buyers retreat in a downtrend) also, the ideal inverted hammer, has issued a warning for the formation of a price bottom, along with price increase however weak, in a daily time frame. Regarding the recent decreases and the price saturation with sells, the price has the potential to increase in the next candles. In this respect, if the price increases, the buyer’s target prices are 1723.30, 1744.74, and 1784.46.
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