Looking at the weekly time frame of Gold, 1046 was seen as the major support formed on Nov 29, which propelled an aggressive breakout from the bullish wedge. However, a temporary top was formed at 1374 handle on July 10. Price is now seen to be at a very pivotal level which is a confluence of 76.4% Fibonacci retracement of the entire rally from 1046 to 1374 at 1118 and the upper trend line connecting the top of the bullish wedge from where the breakout occurred.
USDJPY, on the other hand, is also seen to be trading close to it 76.4% Fibonacci retracement of May 2015 high of 125.85 and the recent low of June 19, 2016. Also, a falling trend line connecting the high of May, august, and November respectively is seen to be a confluence region. Indeed, the year 2017 promises to be a year of aggressive volatility and we won’t hesitate to report the events as they unfold.
USDJPY, on the other hand, is also seen to be trading close to it 76.4% Fibonacci retracement of May 2015 high of 125.85 and the recent low of June 19, 2016. Also, a falling trend line connecting the high of May, august, and November respectively is seen to be a confluence region. Indeed, the year 2017 promises to be a year of aggressive volatility and we won’t hesitate to report the events as they unfold.