Weekly Technical Analysis Report 13 April – Gold played out nicely, bearish play seen on USDCAD
Weekly Technical Analysis Report 13 April – Gold played out nicely, bearish play seen on USDCAD
1. Last week’s outlook on Gold: Bullish play seen
On the H1 time frame, prices are testing support at 1917.26, in line with the 50% Fibonacci retracement , 78.6% Fibonacci extension where we could see further upside in prices, with 1942.47 as our resistance target, in line with the 78.6% Fibonacci retracement. Stochastic is approaching support as well where we could see further upside above this level.
XAUUSD Chart (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/XAUUSD/Xomuz9UM-Outlook-on-XAUUSD-Bullish-play-seen/
2. This week’s outlook on USDCAD: Bearish play seen
On the H4 time frame, prices are testing resistance at 1.2650, in line with the descending trend line and 50% Fibonacci retracement where we could see further downside below this level to our support target at 1.2530. This support target coincides with our Fibonacci confluence levels which include the 50% Fibonacci retracement and 100% Fibonacci extension. Stochastic is testing resistance as well where we could see a reversal below this level.
Outlook on USDCAD: Bearish play seen by Salzworth on TradingView.com
