Hello Traders,
How has your trading week been so far?
It’s almost mid-week over here, let’s see what the market has for us this Wednesday.
1. GBP/JPY
On the GBP/JPY, price has found it difficult breaking resistance level 139.195.
After almost two weeks of price frantically trying to break the resistance level 139.195, today we price breaching resistance level 139.195.
If the present bullish breakout is confirmed, we may see close to 200 pips move to the next possible resistance level (141.381)
2. XAU/USD (GOLD)
After Gold broke support level 2021.43 of the ascending trendline, we saw over 1000 pips spill to the present key support level (1907.66).
Judging from the fall of price, I would say the sellers in the market are currently very aggressive and the only thing holding them from pulling price further down is support level 1907.66.
In my opinion, we MAY see a slight pull-back of price, which may take price back to resistance level 1981.53.
However, If price succeeds in breaking the present support level, there is a huge possibility that another 1000 pips will be up for grabs.
What say you?
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