Technical Analysis 01-11-2016
The pair remains bid despite oscillators printing in overbought territories as bulls are currently pushing through the 100 EMA as they look to capture 1.1000 as a stepping stone to recovering more of their recent losses. Bears will be lining up at 1.1000 to prevent any further damage and should they manage to capture 1.0975, will be looking to drive prices lower with their new found momentum.
The pair has pushed north of its upper boundary of the 3-week wedge as bulls look to retrace some of their losses. Resistance lies ahead at 1.2300 in the form of the 100 EMA and bears will look to defend the line as best they can as they use the level to try and recapture 1.2200.
0.7600 has held yet again as bulls mount another attack from the 100 and 200 EMA base with hopes of capturing 0.7700 as a stepping stone to 0.7800. Bears will look to defend 0.7700 and hope to attract more sellers for another attempt on 0.7600.
Gold has stalled at the 1280 resistance level as bulls appear to have run out of steam due to their relentless effort to lift the precious metal off the 1250 support level. Should bulls capture 1280, we would see 1285, 1290 and 1295 up for grabs. However, if bears can hold 1280, we would see them look to retest 1265 by way of 1275 and 1270.