Technical Analysis 11-01-2017

GOLD: XAUUSD 1,1189.53 / 1,190.12 by:

High: 1,191.16 | Low: 1,185.48

Gold went close to the overbought level on the RSI(14) indicator. Area 1,200 is a relevant resistance and a breakout would trigger moderate positive market sentiment and the shiny metal could rise to 1,266 to test its 200SMA. The medium term supply line is the change of polarity level that could bring buyers  in control.  Below 1,123 the shiny metal should test 1,100 and then 1,045, the multiple bottom reached on November 2015.

 

 

R31,315
R21,266
R11,200
S11,123
S21,100
S31,045

EURJPY 122.42 / 122.46 by:

High: 122.60 | Low: 122.12

The rate is making lower highs in the short term and it could test the 23.6% Fibonacci retracement of the bullish trend that was generated last July. A breakout of 123.6 can lift EurJpy to test 125 and then 128.5. The 200SMA is at 116.8 at the moment and is the  most relevant support in case of a correction.

R3128.5
R2125
R1123.6
S1120.72
S2118.5
S3116.8
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