Alpari - Analytics

Alpari

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Daily analytical report (22/06/17)

  • Market attention is turned towards oil, but other commodities should not be forgotten, especially as they are showing some nice price action.
  • First, we’ll start with gold, which after two days, defended the long-term upwards trend line (pink). That was a strong support from the end of 2016 and was the last serious stop before the neckline (black). This can help to create a mid-term upswing with a potential movement of around 25$/oz.
  • Silver also bounced off the upwards trend line, but in this case from one created much earlier – at the end of 2015. Unfortunately, the first target for buyers here is not so far – on 16.85$/oz, which is not the best thing in terms of the potential risk to reward ratio.
  • EURJPY is getting ready for a breakout of the upper line of the flag. Everything is ready, major supports were defended and every recent local drop was stopped and ended up with a long tail. A bullish breakout is just 60 pips away.


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