Gold breaks large pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The yellow metal reached the 1,730.00 mark. Moreover, it broke this level's resistance. In addition, the upper trend line of a large scale channel down pattern that had guided the rate since early February was broken.

Meanwhile, analysts have spotted and added to the chart a channel up pattern, which has guided the price during this week. This week, almost all of USD traded assets and currency pairs have revealed a minor channel pattern, which captures a decline of the USD. The XAU/USD pair is no exception.

In regards to the future, the price should remain in the pattern. However, the metal was still expected to find both resistance and support in round price levels. For example, the 1,740.00 and 1,750.00 are expected to provide resistance. In the meantime, the 1,730.00 level could provide support.
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Fri, 12 Mar 2021 07:13:21 GMT

EUR/JPY likely to make pullback today

Upside risks dominated the common European currency against the Japanese Yen on Thursday. As a result, the currency pair surged by 76 pips or 0.59% during yesterday's trading session.

Thu, 11 Mar 2021 10:03:50 GMT

USD/JPY finds support in Fibonacci

The USD/JPY currency exchange rate has been finding support in a 50.00% Fibonacci retracement level at 108.35. In the meantime, the rate was by large ignoring the hourly simple moving averages, as the 100-hour SMA failed to provide significant support. In addition, note that a channel down pattern was spotted. Most USD rates have been guided by a channel pattern throughout

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