Yahoo Finance Stronger Dollar is not a trouble for the Gold anymore
Trading Sniper starts with the Gold, where we can see a bullish price action on a very important mid-term support. The price uses the 38,2% Fibonacci and the lower line of the wedge for a bounce. That itself does not create a buy signal but is good for a start. What we need more for the bullish sentiment is the breakout of the upper line of the wedge and the 50% Fibonacci (of the most recent upswing).
Gold is climbing higher even despite the stronger American Dollar. Dollar index is about to test again the 38,2% Fibonacci. Chances for a breakout are high as the buying pressure is clearly visible here.
GBPJPY is very bearish. The price denied the wedge formation and is aiming the 38,3% Fibonacci of the latest upswing. What is more, we have here a very important horizontal support created by the recent tops from December, May and July. Any bullish price action in this place can be a good buying opportunity.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
