EUR/USD And Gold Extend The Gains

August 28, 2018

New York (Aug 28)  Gold continues its new bullish path. First resistance, the 23,6% is already broken and today, was used as a closest support. The next aim for this precious metal is the 38,2% Fibo, which is in line with the supports from July.

EUR/USD made new local highs. This week started with a breakout of one major resistance, which was the mid-term down trendline connecting recent lower highs. With this, the way towards the 1.174 is open and soon, we should see another test of this important resistance.

Despite the positive sentiment on Gold and EUR/USD, Kiwi is showing us a weakness. Here, we do have a bearish setup, which comes from the local horizontal resistance, correction equality pattern and the mid-term down trendline. We are currently below those three. What is more, the price is forming a double top pattern. This can turn ugly.

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