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27 August 2020

Gold: Technical set up backs the case for the upside

“As it is all about the Powell speech on Thursday, the powerful 21-hourly Simple Moving Average (HMA), currently at $1938, is seen offering immediate support to the gold bulls.”

“A break below which the horizontal 100-HMA at $1934 will be tested. Should the bulls fail to defend the latter, the next cushion awaits at the 50-HMA of $1931. Selling pressure will accelerate on a breach of the last, with Wednesday’s low of $1903 back on the sellers’ radar. If Powell turns out to be less dovish, the metal could extend its decline towards the August 12 low of $1863.”

“To the upside, recapturing of the horizontal 200-HMA at $1952 is critical to re-enforce the bullish momentum. Note that the prices closed above the 200-HMA on Wednesday, having formed a bullish engulfing candle on the daily chart – a bullish reversal indication. Further north, August 24 highs at $1961 will be tested. Acceptance above the latter will open doors towards the $2000 mark.”

EUR/GBP: Range low at 0.8931 is exposed – Commerzbank

EUR/GBP snaps two-day losing streak after hovering over its range low at 0.8931 and is posting small gains on Thursday to trade just below the 0.8960 mark. A break below 0.8931 would leave the June low at 0.8864 exposed, Commerzbank’s Karen Jones reports.

Key quotes

“EUR/GBP is under pressure in the range and attention has once again slipped to the 0.8931 July low last week.”

“Rallies have so far been thwarted by the 0.9062 resistance line and this guards the 0.9150/78 recent highs.”

“A slide below the 0.8931 would target the June low at 0.8864.”

AUD/USD Price Analysis: Golden cross on 1H chart points to further upside

AUD/USD is trading modestly flat below 0.7250 in early Europe, having hit a fresh six-day high at 0.7251 earlier in the Asian session.

The bulls have taken a breather and await fresh impetus from the US Federal Reserve (Fed) Chairman Jerome Powell’s speech, scheduled at 1310 GMT, at the Jackson Hole Symposium.

Despite the quiet trading, the bias around the spot remains to the upside, in light of a golden cross spotted on the hourly chart early Thursday. The 50-hourly Simple Moving Average (HMA) has crossed above the 200-HMA yielding a bullish crossover.

Also, the fact that the price holds above the upward-sloping 21-HMA at 0.7228 adds credence to the brighter outlook for the aussie.

Therefore, the buyers look to the August 19 high of 0.7276 on a breakthrough the daily high. The 0.7300 round figure could be tested subsequently. The hourly Relative Strength Index (RSI) lies comfortably above the midline, into the bullish region.

Should the bulls fail to resist above the 21-HMA, a sharp drop towards the 0.7200 level cannot be ruled out. That area is the confluence of the 50 and 200-HMAs.

The next cushion is seen at the horizontal 100-HMA at 0.7188.

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