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Gold Aims At 1248

EUR/USD

It's the sixth straight day of Euro weakness and the price bounced off the upper channel, the pair is supported by the 20 day moving average and 1.1315. This decline appears to build acceleration after forming another bearish candle on the 6th of this month, this bearish candle was formed right below the support level 1.1405.

EUR/USD has the potential to decline another 143 pips towards the 23.6% fib and finally towards 1.1158. And two major supports are the 20 and the 50 DMA.

XAU/USD

Gold broke below the resistance turned support at 1267 and yesterday's candle was largely bearish about $2000 USD per lot. Momentum indicators are slightly bearish while the RSI is neutral. To find the next target, we need to make use of the moving averages as the chart pattern is quite mixed up. One of the identified Moving average that lines with the support and the 50% fib is the 50 DMA.

This 50 DMA aligns itself with the support 1248, 50% fib and the ascending trendline (Green). So we can confidently say that the next target for Gold is 1248.

GBP/USD

Price has broken below the 100 Moving Average on the 4 hour chart and points lower with a cross over, but the RSI is pointing for retracement towards the upside.

GBP/USD has reached the most prominent support watched by many scalpers at 1.43945. The pair lost over 300+ pips after gaining 900 pips from 1.387 and is currently trading at 1.443 and is exactly a 38.2 % retracement.

On the 4 hour chart the price is further supported by the ascending trend line from 6th April, and the descending wedge from the daily chart.

All of these points towards a bounce in this pair soon. Sellers have to be cautious while buyers can look out for opportunities to go long at reversal points.

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