Gold Resistant to the Stronger USD and Higher Stocks

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Published: Aug 31, 2017, 11:52 UTC

Movements from yesterday continue. Save heavens are getting beaten and the only one which is holding there is Gold. The beginning of the day was pretty

Movements from yesterday continue. Save heavens are getting beaten and the only one which is holding there is Gold. The beginning of the day was pretty uneventful until the market was hit with the rumors that some policymakers from the ECB are not very pleased with the strong Euro. That helped to push the EUR much lower.

EURUSD is approaching the combination of three important supports. First of all ,that is a neckline of the recent iH&S. Secondly, there is a 61,8% Fibonacci retracement and the next one is the correction equality pattern. It is all happening around the 1.1825, which can be seen as a potential stop for this drop that we are witnessing at the moment.

SP500 is advancing higher using the iH&S formation and the breakout from the bullish flag. The way for the new all time highs is open.

Gold is resistant to the stronger USD and the global escape from the safe heavens. Demand showed up on the 1300 USD/oz support, which is a promising sign for the potential buyers.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

About the Author

Tomasz Wiśniewskicontributor

During his career, Tomasz has held over 400 webinars, live seminars and lectures across Poland. He is also an academic lecturer at Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for his clients.