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Gold & GBPCHF Outlook

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The Gold daily chart shows that price action has moved away from the 1200.00 area. Support was found at the bottom of the current leg lower around 1180.00. This is a long term area of support for the precious metal. A move lower may find additional support at 1172.00 ahead of the 1170.00 area. The low for August can be seen at 1160.50 and this is an area that buyers may choose to defend. Beyond this level the 1150.00 level may come into focus.

Resistance for the chart can be seen around the cluster of moving averages positioned just below 1200.00. The lowest is the 200 period moving average at 1197.00 and this may mark the beginning of an area of resistance extending past the 1200.00 level. The falling resistance trend line can be seen at 1210.00 and a break above this area may signal a quick test of support at 1214.15. Further advances past this level could find resistance at 1225.00 followed by the area around 1235.00.

 

The GBPCHF chart shows that the price action in the pair is consolidating around 1.2650, forming higher lows and higher highs. Support at 1.2725 is currently being tested and a loss of this area over the past two days has seen a decline to 1.2690 develop. The 50 DMA is found just below this area at 1.2677 followed by the 1.2608 level of previous support below. This latter level is associated with 1.2600. The round numbers in this pair seem to be taking a prominent role in the formation of levels of support and resistance. The rising support trend line is located at 1.2524, followed by the 1.2500 level and the August low around 1.2462.

Resistance on the chart may be found at 1.2800 followed by the high from yesterday’s trading around 1.2817. The rising resistance trend line now contains 3 touches and is moving past the 1.2820 level. The 100 DMA is located at 1.2905, as part of the 1.2900 area. Above this level the 1.3000 zone has seen price consolidate there in the past. The 200 DMA is just above this level around 1.3130. The July high may provide resistance on a spike higher at 1.3303.

 

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