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On Wednesday, gold surged. It was set to reach the 1,292.00 level. Moreover, if the 1,292.00 level is broken, the commodity price should reach up to the 1,300.00 mark.
The USD/JPY has reached the 110.00 level. On Wednesday the support of the 110.00 level and the weekly S3 were keeping the rate from falling. In general, there were two short term scenarios most probable for the pair.
On Wednesday, the GBP/USD broke the support of the previously drawn ascending channel pattern and the combined technical support of the 200-hour simple moving average and a pivot point near 1.3030.
On the hourly chart the EUR/USD had made a big dip down to the 1.1170 level. During the move it revealed that the various technical support levels have only minor strength. Namely, they are not strong enough to keep the pair from falling.
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Gold started the week by surging and breaking the resistance of a descending channel pattern. The move was expected, as already on Friday the pair clearly bounced off the support of a dominant pattern and began to surge.
The USD/JPY started the week's trading with a large drop at the start of Monday's trading. It traded with large volatility until it finally found equilibrium near 110.70. In general, the rate has two possible scenarios.
On Friday, the GBP/USD managed to break the ascending pattern that guided it in two ways just in a couple of hours. Namely, after declining just below the 1.3000 level, the rate began a surge, which reached 1.3170.
EUR/USD is facing a strong resistance cluster on Monday. Namely, at the 1.12000 level there are three technical levels that keep the rate down.
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