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Daily Technical analysis for August 04, 2021

Gold price continues to fluctuate within tight track around the EMA50, which keeps our bearish overview valid without any change, which targets testing 1797.00 level initially, noting that breaching 1825.15 will stop the expected decline and lead the price to continue the rise within the bullish channel that appears on the chart.

The expected trading range for today is between 1790.00 support and 1825.00 resistance.

The expected trend for today: Bearish

EUR/USD

Current level – 1.1863

The currency pair is found in a consolidation phase just below the resistance zone of 1.1890. The forecast is for the pair to test and breach the resistance level of 1.1890 and continue its upward movement towards the next target at 1.1955 once the consolidation phase is over. The intraday support lies at 1.1853 and 1.1824 is a key support level. During today’s trading session, investors’ attention will be focused on the data on the ISM non-manufacturing Index for the U.S. (14:00 GMT).

USD/JPY

Current level –  108.94

The yen continues to appreciate against the dollar and, at the time of writing, the currency pair is confirming the breach of the support level at 109.04. If confirmed, the breach would lead the pair towards a test of the next support at 108.70. In the positive direction, the key resistance lies at 109.77.

GBP/USD

Current level – 1.3906

During the last couple of sessions, the Cable has been trading in the relatively narrow range between 1.3884-1.3977. At the time of writing, neither the bulls nor the bears could gain momentum and establish themselves on the market. Only a confirmed breach of one of the boundaries of the range could draw a clearer direction. An increase in volatility can be expected today around the announcement of the data on the PMI services for the UK (08:30 GMT).

No news for Gold price – Analysis

Gold price continues to fluctuate within tight track around the EMA50, which keeps our bearish overview valid without any change, which targets testing 1797.00 level initially, noting that breaching 1825.15 will stop the expected decline and lead the price to continue the rise within the bullish channel that appears on the chart.

The expected trading range for today is between 1790.00 support and 1825.00 resistance.

The expected trend for today: Bearish

Source: Technical analysis

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