12, September 2017

Gold opened the week with GAP down, after a quiet weekend in the Korean peninsula

The gold market continued to move higher last week, as the uptrend remained at the same level and even intensified, gold continued to be in demand. Investors remained concerned about the North Korean crisis, the hurricane Irma and the issue of the national debt in the US. However, by Monday the situation has changed. With the return of the appetite for risk and the corrective strengthening of the dollar, gold fell under pressure. This is a positive moment, since gold was overbought and the market unloading was necessary. We are still very optimistic about gold and expect growth after a technical correction. Although the main strategic support is located in the region of $ 1,300, the bulls will try to seize the initiative earlier. The nearest resistance, from which the expected transition to growth is possible, is the level of $ 1322- $ 1326. The targets for gold remain the same - $ 1370.00 - $ 1400.00.

AUDUSD – AUD uptrend is still strong

AUDUSD rose higher last week, as the uptrend continued. The price recently rebounded from the key support (the old resistance) around 0.7800. The growth potential for this market remains. The nearest support is located in the vicinity of the level of 0.7950. Strategic support, as before in the area of ​​0.7880.

EURUSD – going through interesting period, buying is still the main strategy

EURUSD continued its growth last week, and we remain optimistic in this market in the short term. Nevertheless, the price is approaching a range of strong long-term resistance of about 1.2000 - 1.2300, which may slow the current uptrend. We are now going through some short-term consolidation near current levels, but we continue to be on the side of the bulls as the upward trend is even stronger than a week ago. Now in this market you need to be careful. Traders will still look for price signals to buy from nearby support levels after any pullbacks in the coming days.