Daily analysis of Gold for April 13, 2018

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Overview

Gold is going on trading higher with the aim of moving away gradually from 1,335.40 level. This keeps the bullish scenario valid for the rest of the day, supported by stochastic positivity. Let me remind you that our next main target is located at 1,365.97, while breaking 1,335.40 represents the negative factor that will push the price to decline towards 1,316.48 before any new attempt to rise. The expected trading range for today is between 1,330.00 support and 1,370.00 resistance.

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Daily analysis of Silver for April 13, 2018

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Overview

Silver traded with a negative bias yesterday after testing 16.80 level that represents resistance of the sideways channel that appears on the chart. Now the price is on the way for a potential test of support at 16.15 of this trading range. Therefore, silver is still trading sideways on the intraday basis, waiting to surpass one of the mentioned levels to detect the next targets clearly. Please note that the details of the expected targets after the breach are explained in our previous report. The expected trading range for today is between 16.20 support and 16.70 resistance.

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Intraday technical levels and trading recommendations for EUR/USD for April 13, 2018

Monthly Outlook In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100-1.2200 (multiple previous bottoms set in July 2012 and June 2010).

Hence, a long-term bearish target was projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.

In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.

However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450 and recently above 1.2075.

Another bullish breakout above 1.2075 was expressed on the chart. allowing more time for bullish advancement provided that the current bullish persistence above the price level of 1.2250 is maintained on Monthly basis.

Daily Outlook

The EUR/USD pair remains trapped between the price levels of 1.2200 and 1.2500 until breakout occurs in either directions.

Daily persistence above 1.2470-1.2500 was needed to confirm a recent bullish flag continuation pattern with projected targets around the price level of 1.2750.

However, significant signs of bearish reversal were manifested around the price levels of 1.2400 (backside of the depicted broken uptrend).

This was manifested in the bearish engulfing daily candlestick of March 28. Hence, the EUR/USD pair remains bearish below the price levels of 1.2400 unless obvious daily bullish support is offered around the price level of 1.2200.

The bullish scenario is considered a low probability after the recent bearish breakdown of 1.2300 took place on April 3.

Moreover, the depicted Multiple-Top reversal pattern needs bearish breakdown of the level of 1.2200 to be achieved on a daily basis. Bearish Projection target would be located around 1.2070-1.1990.

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