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GBPAUD & Gold Outlook
Published: 07/24/2018

The GBPAUD Daily chart is consolidating around the 1.7700 area and has run into resistance at 1.77990 today. The level represents a point of control where traders will run the price higher on a break of the resistance and push it lower on a retest. Following the retest short positions can try to take out support at 1.75963 and the low from last week at 1.75700. A loss of this area puts the rising trend line in focus at 1.75000 with some traders viewing this line as a neckline for a potential head and shoulders pattern targeting 1.65000. Support below this area comes in at 1.73525 and 1.71000. The GBP has gotten some relief after the political instability and high profile resignations over the course of the month. The headlines over the weekend were about preparations for a hard Brexit and the challenges that would bring. Resistance at 1.79971 has capped the pair during this period and this remains a key area to lean against ahead of 1.80000. A break above this level would target resistance at 1.81685 followed by the highs at 1.85000.

The Gold Daily chart has clearly defined areas of support and resistance with some of the major relevant marked on the chart shown. The 1235.67 level remains the point of control about which, traders are positioning themselves. This POC can shift down to 1200.00 with a loss of supports at 1211.60 and 1190.00. For now there is support at 1221.42 where a floor set at this level, can propel price higher to 1235.65 and a bullish break to the falling trend line at 1270.00. The 1265.00 area is the last major swing high and can signal a reversal higher to 1290.00 and 1300.00. Positioning in the metal has led to an overextended decline from the double top at 1365.00 which had a target at 1240.00. The fact that it is quite common for the market to overshoot its target places a greater focus on the 1200.00 level as the seasonal change and we approach a bullish time of the year for gold from September on.



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