How to trade on gold and euro-dollar pair in the coming period?
We will review in this analysis a quick look at the euro-dollar pair and the yellow gold metal.
Gold is still trading within the bearish triangle on the daily basis. The yellow metal rose from the 1290 level to reach 1310 levels before falling back yesterday to 1290 levels.
The outlook for gold remains neutral so far, waiting to breach 1280 support levels to enter into a sell-off targeting 1240 as a first target, then 1218 as a second target.
The EURUSD started forming a bullish trend on the 4-hour timeframe, where the pair rose from 1.1185 levels at the beginning of the month of April and started to take the upside move as a higher lows as shown in the accompanying chart. The pair is now testing the 1.1325 resistance levels Breaching it will open up the pair to achieve further upside targeting the next resistance levels near the levels of 1.1350 and then to the levels of 1.1400.
Confirm with breaching 1.1325 resistance levels, and close above it on the four hour time frame.
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