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Gold On The Rise

USD/JPY

Price broke below the 61.8% fib at 102.094 level and is currently supported by the rising trendline from 24th June. The momentum has already plunged this rising trendline but the current price is above this trendline. If price continues to accelerate and breaks below this static support then we may see USD/JPY trading at 100.39 and further decline will lead to a spike at 98.93. If the pair breaks the current trendline while the moving averages (100 and 50) do not cross over, then we will place a long pending order at 98 level in expectation of a downward spike.

On the contrary if the price is unable to break the trendline then we will see a retracement towards 103.97 or the 21 DMA.

XAU/USD

Gold broke above the descending channel and is travelling within the ascending channel. It is currently held back by the 23.6% fib and a break above will have a full retracement towards 1376. Failure to break the 23.6 level will leave the price range bound between the 23 and 38 fib levels.

But looking at the current momentum indicators the price is bound to have a full or closer retracement towards 1376, and may retrace towards 1359 and 1333. The present quarter on Gold is looking to close on a higher note.

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