Alpari - Analytics

Alpari

784.25 6.25/10
72% of positive reviews
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Daily analytical report (12/10/18)

  • The biggest story of this week is definitely the meltdown on stocks, but yesterday we had another important event – a buy signal on gold. XAUUSD finally ended the sideways trend. The price bounced from the lower line of the triangle and went up. Momentum was so strong that the price broke the upper line of the triangle and the horizontal resistance at 1210 USD/oz. Currently we have a reversal, but that is just a normal price action, so we're testing the recent resistance as a closest support. The buy signal is on.
  • Next up is oil, which went down sharply, even despite the weaker USD. The price broke the horizontal support at 73 USD/bbl and went lower, towards the mid-term upwards trend line and the 70.8 USD/bbl support. The combination of those two lines brings us a bounce, but sentiment is rather negative.
  • EURCHF is canceling the negative sentiment by breaking the horizontal resistance at 1.145. In addition to that, we have an inverse head and shoulders formation and the broken downwards trend line. I don't see any other chances for a further drop.

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