EURUSD: growth target at the 1.1341 resistance

In the first half of Friday’s trading, the EURUSD pair continued its decline within the downwards channel with a drop from 1.1294 to 1.1234 to revisit the low from the 13th of November of last year. However, the pair underwent a sharp reversal ahead of the US session, and went on to climb to 1.1308, breaking through the upper boundary of the downwards channel that has been dictating this pair’s trajectory since the end of January. The pair then closed the week at 1.1292.

Gold price has broken above short-term resistance at $1,317 and has given us an important short-term bullish signal, targeting new highs towards $1,330-40 now. Major support is now raised to $1,302 while $1,311 is also very important.

Gold price continues to trade inside the trading range of $1,300-$1,1317. Medium-term trend remains bullish as long as price is inside the bullish channel and above $1,280-75. After topping at $1,326 ($1,320 was my target) I expected a pullback towards $1,300 minimum. The pullback we got was a sharp move to $1,302 and so far price continues to respect support.

Gold price tried to break above resistance at $1,317 yesterday but got rejected. This was a bearish sign and that is why Gold price is back below $1,310. Price however still holds above support of $1,300.