SimpleFX Blog
    Facebook Twitter Instagram
    Wednesday, June 29
    Facebook Twitter LinkedIn Telegram YouTube
    SimpleFX BlogSimpleFX Blog
    Banner
    • Home
    • News
    • Tutorials
    • Updates
    • Opinion
    • Trading Academy
    • Trading Schedule
    SimpleFX Blog
    Home»Analysis»SimpleFX Outlook for Gold, British Pound, and USOIL
    Analysis

    SimpleFX Outlook for Gold, British Pound, and USOIL

    Zach WrightBy Zach WrightFebruary 20, 2020Updated:February 20, 2020No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    XAUUSD, GBPUSD, and USOIL are the assets SimpleFX analysts recommend to add to your watchlist this week. Each one offers a great opportunity. Make sure you have your SimpleFX fiat or cryptocurrency account funded, and make the right order at the right time. 

    You can plan ahead on your laptop and execute the order with your mobile using the same SimpleFX WebTrader.

    Will Gold Attack the Resistance?

    The market continues to move inside the yellow channel, gradually approaching its upper wall. It is likely that soon the bulls will reach the resistance level of 1628.77, which is on the bound of the yellow channel.

    Then the market may choose different behaviors. Or we will see a break of the specified level, in this case, the price growth will continue in the direction of the upper bound of the green channel and the resistance level of 1692.59. 

    Either we will see a rebound from 1628.77, in this case, we could expect a decline to the lower bound of the green channel and the support level of 1585.51.

    Further, in case of a break below the specified price level, the bears will open the way to the lower bound of the yellow channel and the support level of 1493.02. 

    An approximate scheme of a possible future movement is shown on the chart.

    GBPUSD May Start a Strong Trend Soon

     

    For a long time, the market moves near the upper bound of the yellow channel. Not so long ago, the price touched this wall, after which the bears began to put pressure on the market and push it down, but the bears did not manage to move far from the level of the upper yellow bound.

    If the bulls take the price behavior under control, we may see some market growth in the 1.308 area, however, if this does not happen and the decline will continue, we could expect the first decline to 1.276, and then, in the case of a break below this price level, the bears may open the way to the support level of 1.223 and the lower bound of the yellow channel.

    So, let’s keep an eye on the market’s behavior near the important support level of 1.276.

    USOIL on a Swing

    The current USOIL structure shows us that after rebounding from the upper wall of the yellow channel, we saw a rapid downward trend towards the lower bound of this channel. 

    The price rebounded exactly from the support level that the yellow wall forms, and began to move up.  It is likely that at the moment the bulls have taken control of the price movement, and they are pushing the price in the direction of the important resistance of 64.77, which is on the upper wall of the yellow channel. Thus, during the next trading weeks, we could expect the market to grow towards this target.

    An alternative scenario can be implemented if the decline continues and the resistance level of 51.54 breaks, which is formed by the red line of the moving average. If this level is broken, we could expect a decline to 49.44, i.e. to the level that is on the lower bound of the yellow channel.

    In March SimpleFX cuts spread on all transactions. Make the most of this opportunity.

     

    commodities featured forex gold
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleHow to Earn a $500 Cashback Trading in March
    Next Article Bitcoin Halving – What Is It? When Will It Happen? How Will It Affect the BTCUSD Price?
    Zach Wright

    Related Posts

    A Possible Rebound Scenario for Japanese Stocks?

    June 28, 2022

    How Long the Recent LTCUSD Run Can Last?

    June 24, 2022

    Is BMW Worth It After the New China EV Plant Activation?

    June 23, 2022

    Leave A Reply Cancel Reply

    Copyright © 2022. SimpleFX
    • SimpleFX WebTrader
    • Unilink Affiliate Tracker

    Type above and press Enter to search. Press Esc to cancel.

    We and our partners use cookies for analytics purposes and to serve personalized ads. You can view our privacy policy here and our cookies policy here
    Accept.
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT