Weekly FX Price Analysis: Gold Continues Uptrend While GBP Plummets Even Further

gold weekly fx analysis

Here is a breakdown of our weekly FX price analysis.

GBP/JPY

As we predicted and consequently anticipated last week, the currency pair hit the previous support, which now acts as resistance around the 164.15 area. Currently, the trend is strongly bearish, and we anticipate even more price free-fall this week. GBP/JPY is predicted to test the 158 area later in the week.

GBP/JPY Price Chart

GBP/JPY Weekly FX Price Analysis

EUR/JPY

EUR/JPY also has a similar structure to EUR/JPY. The former support of this currency pair, around 138.50, now acts as resistance. But unlike EUR/JPY, the price is holding in this area. However, later in the week, we should expect a price test around 133/133.50 as the currency pair continues its bearish trend.

EUR/JPY Price Chart

EUR/JPY Weekly FX Price Analysis

NZD/CHF

The NZD/CHF price action is a clear pictorial representation of what testing former support, which now acts as a resistance, looks like. For this pair, the trend is also down, although sometimes last week, the market experienced a price retracement to the 0.6100 area. Trade With Mac firmly believes that this level will hold. However, it is advised to watch price behavior at its current price keenly and, more importantly, be prepared to sell upon confirmation.

NZD/CHF Price Chart

Weekly FX Price Analysis

Gold

Gold continues its steady uptrend behavior from last week. Last week, we saw a price break the falling trendline which translates that the bears are losing steam. Also, the confluence of the falling trendline and former support that currently acts as resistance has been broken.

This week, we’ll be waiting for a retest of the 1790 area for a buy confirmation.

Gold Price Chart

Gold Weekly FX Price Analysis

Are you interested in receiving real-time Forex Trading Signals Directly To Your Phone?

Don’t hesitate to subscribe to my VIP Forex Trading Signals Today.

This Post Has 3 Comments

  1. Ahora, la tecnología de posicionamiento se ha utilizado ampliamente. Muchos automóviles y teléfonos móviles tienen funciones de posicionamiento, y también hay muchas aplicaciones de posicionamiento. Cuando se pierde su teléfono, puede utilizar estas herramientas para iniciar rápidamente solicitudes de seguimiento de ubicación. ¿Entiende cómo ubicar la ubicación del teléfono, cómo ubicar el teléfono después de que se pierde?

  2. sklep internetowy

    Wow, amazing blog layout! How long have you been blogging for?
    you made blogging glance easy. The entire glance of your site is magnificent, as neatly as the content
    material! You can see similar here dobry sklep

Leave a Reply

Important Link

Fund Your Deriv Account
Withdraw Funds to Your Local Currency
VIP Trading Signals
Learn To Trade

Contact Us

Follow Us

Disclaimer

Forex, Crypto, Options, and Binary Options have both large potential rewards and large potential risks. Therefore, before investing or trading any of the assets, ensure you are aware of and willing to accept the accompanying risks. Do not trade money you cannot afford to lose.

All Rights Reserved. None of the content of this website can be published elsewhere by any means without the prior consent of the owner(s). Please, check our terms & conditions and privacy policy before continuing to use this website.

This website and its owner(s) are not in any way liable for any incurred loss, whether caused by the information provided on this website or otherwise. The use of this website, including the content and information provided, is the user’s sole liability.