Possible bearish breakdown on the Pound

The GBP/USD has found a good resistance zone at the 1.3600 level from where it bounced to the downside to the 1.3500 level and forms what it appears to be a bullish flag on the daily chart. The price of the GBP/USD has been really consolidating between those two levels without taking a clear direction. However, during the last trading sessions, the candles have been bearish and the price has tried to break below the 1.3500 level. If the GBP/USD breaks below the 1.3500 level, then it could visit the 1.3400 level where we can also find the 55 day EMA. To the upside, the 1.3600 level could still act as resistance, but a breakout of that level could take the pair to the 1.3700 level.

Breakout-pullback on silver

The breakout-pullback pattern is formed when the price of an asset breaks an important support or resistance level and then pulls back to it to bounce back in the direction of the initial breakout. On the daily chart of silver we can see that the price has been a very good bullish trend from the low that it made at the 15.59 level. Once the price got to the 200 day EMA, blue line, it breaks above that moving average, but it finds some resistance around the 17.00 level. The price continued rising until the 17.26 level to pull back to the 200 day EMA. Now the 200 day EMA may become a support and if the price bounces from that level to the upside, then the breakout-pullback pattern will be completed. To the upside, the high at the 17.45 level may act as resistance.

Symmetrical triangle on gold

While the Dollar was losing ground, gold got strengthen and managed to break decisively above the 1300 Dollars per ounce. On the daily chart of the precious metal we can see that the price made a high around the 1326 level and consolidated from there. Inside the consolidation a symmetrical triangle was formed. The symmetrical triangle is a continuation pattern, therefore there is a higher probability of seeing the price of gold heading higher, due to the fact that the trend coming into the formation is bullish. But the price may break in any direction and a bearish breakout is also possible. Above the 1326 level its next resistance could be the 1357 zone, where gold made a high on September of last year. Below the 1300 level, the 200 day EMA, which is currently around the 1272 level, could act as support.

First trading week for the euro is directionless

The EUR/USD has started the first week of the year practically consolidated between the 1.2000 level and the 1.2100 level as shown on the daily chat. Inside the consolidation we can see that the price has formed what it appears to be a bullish flag or a symmetrical triangles. Due to the fact that the trend coming into the consolidation is bullish, there is a higher probability of seeing a breakout to the upside. The MACD indicator is showing us that the bullish trend is still in place, but it looks like it is losing its strength, therefore we could see a bearish breakdown below the 1.2000 level. Below the 1.2000 level its next support could be the 1.1900 level. Until the price breaks away from the consolidation there is no real direction on the EUR/USD at the moment.

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Excellent rally on gold

On the daily chart of gold we can see that the price of the precious metal has rallied during today’s session to break above its 200 day and 55 day EMAs and reaches the 1274 zone. In case the price keeps rallying, its next resistance could be the 1300 level. Fundamentally, the drop on the US Dollar has supported the price of gold and also the 30% drop on Bitcoin has moved some capital towards gold. The price of gold may not rally in a straight line to the 1300 level, but it could make some pullbacks on the way up. To the downside, in case the price breaks below the 200 day EMA at the 1268 level, the bearish momentum may take gold to the low at the 1236 level, which could act as support. In reality, the price of gold may take any direction.

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