Forex and Gold analysis 07th December 2017

By | December 7, 2017

Forex analysis

Eur/usd broke major support of 1.1800 yesterday as previous hopes that a deal over irish border would be agreed upon ahead of the next European Union summit are threatened . Despite weak wall street and flat dollar index euro could not hold the ground and kept crashing , currently this major forex pair is struggling at 1.1790 . A good base level on daily fx chart stands at 1.1750 , once traders breaks this major base and manage to hold below this level . Then expect this forex pair to test upto 1.1700 – 1.1660 today .

A good hurdle on daily chart stands at 1.1830 , once traders manage to cut through this hurdle and hold above this resistance , then expect some recovery in this forex pair upto 1.1880 – 1.1920 .

Eur/usd trend is weak for now .

Usd/Jpy trading at 112.55 , it recovered from 112.05 to 112.55 . A good base on daily fx chart stands at 112 , once traders break this base and manage to hold below this level . Then expect more pressure upto 111.70 – 111.20 .

A good hurdle on daily fx chart stands at 112.99 , once traders cut through this hurdle and manage to hold above our resistance . Then expect good firepower upto 113.30 – 113.70 .

Usd/Jpy trend is flat to positive for now .

Gold analysis

Comex gold price trading at 1258$ , its testing new lows every day with silver which is also sustaining below major support of 16$ , despite flat dowjones and flat dollar index gold prices are crashing due to bad euro which is not holding at all . A good support on daily xauusd chart stands at 1248$ , once traders breaks this base and manage to hold price below this level . Then expect more pressure on gold prices upto 1240$ – 1232$ today .

A good hurdle level on daily xauusd chart stands at 1266$ , once traders take this hurdle and manage to hold price above our resistance today . Then expect some recovery in gold price upto 1272$ – 1280$ .

Gold analysis conclusion : Gold trend is weak for now .

More will update to our trading signals subscribers .