[B]FxGrow Daily Technical Analysis – 28th Dec, 2017[/B]
[I]By FxGrow Research & Analysis Team[/I]
[B]Gold Bulls Overtake DXY Bears, 1300+?[/B]
An impressive rally for gold with 568 pips, $56.80, since 12 of Dec after plunging to 1236.55 low. On the other hand, the U.S dollar bears are still in action clocking 92.33, lowest since four weeks, still pushing gold higher today with 1293.35 high for today.
Technically, with 5-EMA crossing above 10-EMA and 20-EMA indicates that gold is expected to expand the upside ride if the precious metal managed to close 2017 session above 1290 which will indicate a weekly bullish engulfing candle for previous bear candles, and more important is Dec 2017 monthly candle which is shaping a bullish grabber that signals for a retesting of 2017’s highs.
[B]U.S Dollar and XAUUSD Technical Overview:[/B]
MAR US DOLLAR
Closing price: (92.80)
Target price: 92.73 (Achieved
Resistance levels: 92.99-93.03
Support levels: 92.58-92.54
Swing Target: 92.54
Range Reversal: 0.44
Comment 1* Market showing a breakout under a previous daily swing low and should quickly extend selloffs. Failure to extend the breakout now alerts for a bear failure. A close back over 93.06 signals a breakout failure and turnaround. 2* Yesterday’s close signals breakout under a previous daily swing low and should prompt continuation selloffs the next 1-3 days. Sustained trade under the previous low will help motivate selloffs. Corrections should not close above 93.06 to maintain the breakout. 3* The downside objectives for this formation range from 92.54 to 92.41 with a close over 93.10 needed to negate a bear trading stance.
[B]Gold Technical Overview: [/B]
Closing price: 1287.05
Target price: 1289.74 ( Achieved )
Resistance levels: 1291.82-1295.50
Support levels: 1287 1281.41-1279.11
Swing Target: 1303.30
Range Reversal: 12.21
Comment 1* Historical analysis of this minor swing pattern shows a definite bullish bias for today’s action, with the odds of this market taking out yesterday’s high in the next two trading sessions around 71 percent. 2* Market is challenging a previous daily swing high and may attempt a breakout. Closing beyond 1292.50 calls for continuation rallies. A failure around 1292.50 cautions for a reactionary setback. 3* The upside target zone for this pattern is from 1303.30 to 1345.70 with a close under 1255.44 needed to negate a bull trading stance. 4* Market is within proximity of this week’s projected resistance range of 1307.90-1295.18, which may provide a likely zone for topping action or setbacks.
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[I][B]Note:[/B] This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.[/I]