Weekly Technical Analysis Report 26 July – Gold played out nicely, NZDJPY could see further downside this week
Weekly Technical Analysis Report 26 July – Gold played out nicely, NZDJPY could see further downside this week
1. Last week’s outlook on Gold: Wait for a buy opportunity
We maintain our bullish bias on Gold as prices are holding well above a key weekly support zone, in line with the ascending trend line and 61.8% retracement. On the H4 time frame, a pullback in prices to the support zone at the 1782.5 zone, in line with the 61.8% and -27% retracement presents a buy opportunity. Keeping in mind the weekly time frame echoes a more bullish view, a break above the H4 resistance descending trend line could see a further push up to test resistance at 1832.50.
XAUUSD Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/XAUUSD/DcIHLT7l-Outlook-on-Gold-Wait-for-an-opportunity-to-buy/
2. This week’s outlook on NZDJPY: Bearish play seen
On the daily time frame, prices are holding below a key resistance level at 77.350, in line with the daily descending trend line and 78.6% Fibonacci retracement which could see prices extend its decline below this resistance level. On the H4 time frame, prices broke the ascending trend line and a pullback to test our resistance at 77.048 presents an opportunity to enter a short.
Outlook on NZDJPY: Bearish play seen by Salzworth on TradingView.com
