March 3 2022
Gold remains supported on dips from safe haven buyers. Today there is first good support at 1920/1918. However. if we break down below 1918, you will find more buyers at 1914/1912.
Any escalation of the war in Ukraine will get buyers rushing into Gold. Resistance today is at 1934/36, and if broken we will see a run up to 1942 and possibly 1948 in extension.
The EURUSD looks somewhat oversold below 1.1100 at the moment. However, any recovery has been limited to 1.1140/50 resistance, if the single currency can clear this hurdle, you are going to see further gains to 1.1180/90 possibly 1.1220.
A failure to break back above 1.1140 would see more EUR weakness to retest the recent lows at 1.1060/50 possibly even 1.1000 in extension.
Cable bounced off support at 1.3280 nicely and has recovered all the way back to 1.300. However, GBP bulls will be hoping to see this upside moment to continue to break resistance at 1.3430/40 and push on to 1.3480.
Another failure to break 1.3440 would be disappointed and will probably see another downside correction back to 1.3370 and possibly 1.3330.
USDJPY broke back up above the 115.20 pivot yesterday, and predictably made a move up to 115.70 resistance. Which at the time of writing, remains unbroken.
However a break of 115.70 would see the dollar advance to 116.10, possibly 116.30 which was last seen in early February.
A failure to break and hold 115.70, would see the Dollar come under selling pressure and a drop back to 115.10/20 is likely, possibly 114.80 in extension.
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