With the looming Brexit in progress and the unsure economy to follow we could very well see a climb back to 1.34 before starting its descent.
Highlighted zones for potential turnaround points along the way up, to keep in mind.
My current thoughts on Gold's upcoming movements. Expect plenty of roller coaster price action along the way.
Equal highs create a pocket of sellers who could be stopped out before dropping down again.
From a dramatic bull run to a bearish trend we could possibly see BTCUSD continue into the downtrend after a slight retest. However with the strength Bitcoin has had lately we could see a float between 13000 and 11500 for some time before moving towards 40000.
After the Rejection at 1436.5 XAUUSD pulled back to the 1408 region which has a strong floor already formed that was a previous ceiling. We could see Gold bounce back up and possibly retest at the Rejection of 1436.5 or continue to drop down to the 1383 region which has another strong floor built.
Using Chris Derrick's Floor & Ceiling method, I've boiled down to three option for USDJPY in the upcoming week. 2 long 1 Short.
1. Bearish movement to the 106.776 area before climbing to 108.445. (long on floor)
2. Bearish movement past the 106.776 area with a retest following before descending further. (short on retest)
3. Bullish movement before descending down...