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Gold In An Uptrend

Published 09/29/2020, 09:05 AM
Updated 07/09/2023, 06:32 AM
GBP/JPY
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GBP/AUD
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NZD/JPY
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Gold

The price reversed, as expected, in a downtrend after gold hit a strong zone at two resistance lines in August. We had predicted the fall to continue to the strong support level of 1800, but due to several corrections and pullbacks during these months, another support line was formed at the level of 1837. Thus, it contained the price drop. Now gold is in an uptrend and I expect the price to take the advantage of the support line and continue to rise.
Gold

GBP/AUD

Since April 2020, we have observed GBP/AUD falling in a downtrend. Only in July, the price worked out a correction and showed a fairly stable movement without a global rise or fall for almost two months. During the first week of September, the pair lost ground again, but from the 10th the trend changed, GBP/AUD broke through the support line and began to grow. Now the price is strengthened by the support line, and I suppose that its growth in the uptrend will continue up to the resistance line 1.393.
GBP/AUD

GBP/JPY

Throughout September, GBP/JPY was moving in a downtrend, stopping its decline only at the end of last week at the support line of 133.0. Now, on the four-hour TF, we can observe that the price has gone beyond the strong support level of 135.6. Since the previous fall in price was quite rapid, without really significant corrections, I assume that the GBP/JPY will not stop at the support level now. Thus, the price will continue to rise to the resistance line of 137.9
GBP/JPY


NZD/JPY

NZD/JPY managed to regain its positions after a strong fall this spring and for several months the price has been moving in a growing channel. Moreover, the currency pair dropped to the lower border of this channel recently—the support line at 68.9, bounced off it and started to grow. Even though there is a strong resistance line (70.4) in the price path, I suppose that the price will ignore it and continue to rise. The ultimate goal in this case is the resistance line (and at the same time the upper border of the channel) 72.2.
NZD/JPY


Please, pay your attention! Financial market forecasts are authors' private opinions. The current analysis is not intended to be a trading guide. The author is not responsible for the results of work that may arise when using trading recommendations from the forecasts presented.

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