Gold Prices Are on The Rise: New Heights Ahead?

Trading Tips

Good day,

In the daily chart, the price of the EUR/USD pair is heading up. However, the asset might pull back down from the broken uptrend:

As it can be seen from the daily chart, the Russian ruble remains in the small range between the points 70.50 and 72.50 (72.70). Currently, the asset’s price is approaching the upper boundary of flat and the broken lower side of a large descending triangle. The currency pair might potentially drop but it would be wise to wait and see what happens next.

Gold has reached the level of 1900.00 closely approaching historical maximum of 1920.50. It seems that gold is not ready to overwrite historical maximum just yet. However, the correction might happen to make the asset slightly drop till the level of about 1800.00. Although gold might also get strong enough, break the level of 1920.50, and hit the new heights.

The Australian currency seems to be doing well. In the daily chart, the asset broke the horizontal level of 0.7064, pulled back to it forming a small doji candle. What comes to the currency pair, the things are about to get even more interesting against the rising prices of precious metals.

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

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