Gold Might Start Falling Again

Gold has been steadily moving to the upside ever since it bounced off the support at $1,196 and it almost reached the previous high at $1,263, but stopped at $1,261 and for the past few days it has been consolidating sideways below that level, forming a spinning top candlestick and a shooting star candlestick on the daily time-frame. Considering these candlesticks and the possible double top that has formed, it is quite possible for a new move to the downside to begin. Should that happen, the closest target is at $1,224, which is the (MA)89 indicator on the daily time-frame. On the other hand, if Gold finally breaks out above $1,263, the move to the upside towards $1,300 will likely continue.

GBP/CAD Bounced off from 1.6535

The GBP/CAD move to the downside for the past two days finally ended when the pair found a support at 1.6535, which also coincides with the (MA)89 indicator on the daily time-frame, formed an impressive doji candlestick on the one-hour time-frame and started climbing. The pair has almost reached the resistance at 1.6650, which coincides with the same indicator, but on the one-hour time-frame again, and a breakout above that level will mean a further move to the upside towards the last high at 1.6887. Considering the double bottom at 1.5750 on the weekly time-frame, such a breakout is quite possible.

EUR/USD Bounced Off from 1.0900

EUR/USD has been very bullish for the past several weeks and the pair moved to the upside with about 400 pips, reaching a resistance level at 1.0900, above which it could not break out. It formed a rather impressive shooting star candlestick on the daily time-frame at the aforementioned resistance and unsurprisingly started retracing to the downside. The pair has almost reached the closest support at 1.0750, which coincides with the (MA)89 indicator on the four-hour time-frame. A possible breakout below that level could lead to a further move to the downside towards the next major support level, which is at 1.0700 and coincides with the same indicator, but on the daily time-frame.