Currencies and Gold Projections

Week of February 3, 2020 EUR/GBP - USD/JPY - XAU/USD.

EUR/GBP 

With  the EUR/GBP following established market projections it will move to retest a previous slight resistance level at 0.83359. With volatility leading into the first week of February of 2020 and final implementations of BREXIT the EUR/GBP will find itself in a hallway of sideways consolidation. If the EUR/GBP can maintain above slight resistance level 0.83359 then the EUR/GBP will move to retest and pullback to established resistance level 0.84461. Shown in Chart A.

USD/JPY 

The USD/JPY finds itself at the bottom range in a hallway of sideways consolidation established starting October 31, 2019. If volatility and market trends hold the USD/JPY will move to test established resistance level 108.019. If the USD/JPY can hold above resistance level 108.433 then the USD/JPY will pullback to retest slight resistance level 108.862 before proceeding to resistance level 109.623 Shown in Chart B.

XAU/USD 

Continuing its inverse upward market trend the XAU/USD is moving to establish higher highs for the year 2020. If the XAU/USD can maintain volatility the XAU/USD will find a range high for February. Leading into an inevitable pullback the XAU/USD will move to retest slight resistance level 1561.61 before approaching resistance level 1550.93. 
Shown in Chart C.

*Charts are created with TradingView, our partner in charting.
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Written by Nenad Jordanoski, Futures Trader and Technical Analyst.
Email: nj@thetrade.academy
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Risk Warning: Trading on the Financial Markets, Stock Exchange and all its asset derivatives is highly speculative and may not be suitable for all investors. Only invest with money you can afford to lose and ensure that you fully understand the risks involved. Please remember that past performance may not be indicative of future results. Supplied information is not an advice .
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