GOLD Facing Tough Resistance!

Gold is trading in the red after another rejection from a major dynamic resistance. It has opened with a gap up, but the sellers have forced the price to close it. The yellow metal is trading at $1,615 and most likely it will challenge the $1,600 psychological level again before it resumes the upside movement.

Gold maintains a bullish outlook as the COVID-19 epidemic grows and makes new victims, the global economy is under threat, that's why Gold remains an attractive safe-haven instrument, the price could pass above the $1,703 high soon.

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Gold has decreased aggressively after another rejection from the upper median line (UML) of the major orange descending pitchfork. I've said on Friday that maintains a bullish bias and it could resume the bullish movement as long as it stays above the $1,600 level and above the median line (ml) of the dark blue ascending pitchfork, a valid breakdown below these levels will validate a potential drop towards the $1,555 level.

I want to remind you that a further increase will be confirmed only after a valid breakout above the upper median line (UML) of the orange descending pitchfork and if the price stays above the $1,600 level and above the median line (ml).

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Gold has decreased in the early of the week, but it is still bullish as long as it is traded above the $1,600 and above the median line (ml). A rejection from these levels, false breakdown, followed by a valid breakout above the upper median line (UML) will give us a chance to go long again on Gold, with potential targets at R1 ($1,686) level and at the $1,700 - 1,703 area. A valid breakout above the $1,703 high will validate a further increase on the medium to the long term.

As I've said higher, a breakdown and a consolidation below $1,600 could signal a drop on the short term, this scenario will take shape if Gold stays below the UML (orange descending line), the next downside targets are represented by the $1,555 level, S1 ($1,526) and by the lower median line (lml) of the dark blue ascending pitchfork. A potential drop could appear if the USDX starts another leg higher.

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Technical Analysis of ETH/USD for 30/03/2020:

Crypto Industry News:

Following a warning from the national supervisory authority this month, UK regional authorities report that cryptocurrency fraudsters are using a coronavirus pandemic to deceive citizens.

In a series of consumer fraud notifications published in March, the City Council of Manchester and the Pembrokeshire and Norfolk counties repeated the Financial Supervision Authority (FCA) warning against "sophisticated" and "opportunistic" pandemic cryptocurrency programs.

Three regional authorities define a number of tactics adopted by cryptocurrency fraud to take advantage of social confusion and fear during the public health crisis.

"Fraudsters pretend to be from research groups claiming to be the Center for Disease Control and Prevention (CDC) and the World Health Organization (WHO). They claim to provide the victim with a list of active infections in their area, but to gain access to this information, the victim must either: click the link that will redirect her to the page stealing credentials, or make a donation for support in the form of a payment to a Bitcoin or Ethereum account, "warns Manchester City Council.

Meanwhile, the FCA emphasized that investment opportunities promising high returns, including investments in cryptographic assets, could again be popular in the current pandemic.

Technical Market Outlook:

The ETH/USD pair has broken below the technical support located at the level of $132.21 and made a new local low at the level of $123.11. This level will now act as a resistance for the price, so it is worth to notice, that is located very close to the short-term trend line (marked in black). Ethereum is trying to bounce after the new local low was made, but to make this bounce more important, the bulls must break through the level of $142.77. In a case of a failure, the lower levels will be tested, like $118.53 and $114.98.

Weekly Pivot Points:

WR3 - $161.35

WR2 - $151.83

WR1 - $136.71

Weekly Pivot - $127.64

WS1 - $112.54

WS2 - $102.86

WS3 - $88.46

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in cryptocurrency, because they are being perceived as risky assets. The larger time frame trend on Ethereum remains down and as long as the level of $214.67 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

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Technical Analysis of BTC/USD for 30/03/2020:

Crypto Industry News:

The World Health Organization (WHO) has today teamed up with major Blockchain and technology companies to launch a DLT-based platform for sharing coronavirus pandemic data.

The MiPasa platform was built on the basis of Hyperledger Fabric and aims to enable "early detection of COVID-19 carriers and infection hotspots."

MiPasa was launched in cooperation with the IBM technology company, the Oracle computer company, the Hacera Blockchain corporate platform and the Microsoft IT corporation. The platform aims to facilitate "fully private exchange of information between individuals, state authorities and health institutions."

China has implemented Blockchain in many applications to support its efforts in the fight against COVID-19, using DLT to track the spread of the virus, medical records, and distribution of medical materials and charitable donations.

Technical Market Outlook:

The BTC/USD pair has been rejected on the level of $6,863 and broke below the technical support located at the level of $6,271. This level will now act as a resistance for the price, so it is worth to notice, that is located very close to the short-term trend line (marked in black). Currently, Bitcoin bulls are trying to bounce after the new local low was made at the level of $5,825, but to make this bounce more important, the bulls must break through the level of $6,271. In a case of a failure, the lower levels of the red zone will be tested, like $5,605 and $5,500.

Weekly Pivot Points:

WR3 - $7,805

WR2 - $7,343

WR1 - $6,514

Weekly Pivot - $6,022

WS1 - $5,217

WS2 - $4,764

WS3 - $3,965

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. So far the global investors are not so keen to invest in Bitcoin and treat BTC as a digital gold. The larger time frame trend remains down and as long as the level of $10,791 is not violated, all rallies will be treated as a counter-trend corrective moves. This is why the short positions are now more preferred.

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Indicator analysis. Daily review of GBP/USD on March 30, 2020

Trend analysis (Fig. 1).

Today, from the level of 1.2457 (closing of the Friday afternoon candle) the pair may begin to move down with the first target at 1.2258 - a pullback level of 23.6% (blue dashed line). Upon reaching this line, the possible continuation of work down is towards the target 1.2096, a retracement level of 38.2% (blue dotted line). From this level, an upward movement is possible.

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Fig. 1 (daily chart).

Comprehensive analysis:

- Indicator analysis - down;

- Fibonacci levels - down;

- Volumes - up;

- Candlestick analysis - down;

- Trend analysis - up;

- Bollinger Lines - up;

- Weekly schedule - up.

General conclusion:

Today, a downward rollback is possible.

Unlikely scenario: from a retracement level of 23.6% - 1.2258 (blue dashed line) work up with a target of 1.2518, a retracement level of 61.8% (red dashed line).

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March 30, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

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Since January 13, progressive bearish pressure has been built above the price level of 1.2780-1.2800 until March the 2nd when transient bearish consolidation below 1.2780 took place within the depicted wide-ranged slightly bearish channel.

Shortly after, significant bullish rejection was demonstrated around 1.2780 on March 4. Hence, a quick bullish movement was expressed towards the price zone of 1.3165-1.3200 where significant bearish pressure brought the pair back below 1.2780, 1.2500 then 1.2260 via quick bearish engulfing H4 candlesticks.

Recently, the GBPUSD has reached new LOW price levels around 1.1450, slightly below the historical low (1.1650) achieved in September 2016.

Recently, the GBP/USD pair looked very OVERSOLD around the price levels of 1.1450 where a double-bottom reversal pattern was recently demonstrated.

Technical outlook will probably remain bullish if bullish persistence is maintained above 1.1890-1.1900 (Double-Bottom Neckline) on the H4 Charts.

Bullish breakout above 1.1900 (Latest Descending High) invalidated the bearish scenario temporarily & enabled a quick bullish movement to occur towards 1.2260.

Next bullish targets around 1.2520 and 1.2680 are expected to be addressed if sufficient bullish momentum is maintained.

Please also note that the depicted negative divergence indicates a high probability bearish rejection to be expected soon.

On the other hand, H4 Candlestick re-closure below 1.2265 hinders further bullish advancement and enhances the bearish momentum on the short term.

If so, Initial Bearish target would be located around 1.1900 provided that quick H4 bearish closure below 1.2265 is achieved.

Trade recommendations :

Conservative traders should be watching for more bullish advancement towards the price zone of 1.2520 - 1.2600 looking for signs of bearish rejection as a valid SELL signal.

T/P level to be located around 1.2265 initially while S/L should remain above 1.2630.

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