Gold has been on an impressive uptrend from the concluding few days of last month. The metal is in a bullish channel with the RSI indicator above the neutrality zone. Further upside is anticipated.
Today the market opened above the pivot price which is at 0.8610. In the early hours of the day price moved towards the pivot which seems to be holding as a support zone hence pushing the market back up.
The sterling is in a bullish trend against the Swiss franc with the market opening today’s session above the pivot price which is at 1.2532. Price is taking a slight consolidation around the median area of the bull channel.
The forecast we made for the metal turned out positive yesterday as the market hit both price targets. The sentiment today is still bullish even though price opened below the pivot price which is at 1215. This was likely due to a brief pullback towards the support zone in the early hours of the market opening.
The pair has formed a rising wedge pattern and it is clear that a breakout is likely to happen anytime soon. Although the market opened below the pivot price today, a breakout could occur in either a bullish or bearish direction.
The index has recently been characterized by either a series of short trends or ranging prices. There is an opportunity for a short term intra-day sell given a few observations. The 15 minute chart shows a bear channel with a series of lower highs.
The pair is clearly on an upward trend and the series of higher lows are outlined in the above chart with the red support line. Price opened today above the pivot price which is at 0.7545. The outright trade view for this asset would be to go long but some caution should be taken.