Bullish Gold, Bearish EUR/USD, Bearish GBP/USD: Where To Target?
Gold Technical Analysis: Slightly Bullish, Buy on Dips
The yellow metal has once again retreated after making a high of $1,288, while it faces a strong support at $1,270.
The major support at $1,270 is the 10-day exponential moving average, and provides a slightly bullish trend as long as the support holds.
The intraday low is at $1,273 as the yellow metal recovered slightly in the Asian trading session.
Any breach below $1,270 would drag the commodity down to $1,260/$1,242 in the short term.
On the other side, a resistance is around $1,303 and a break above this level would take bullion to $1,314 and $1,330.
For further bearishness, gold needs to break below $1,260.
Later in the day the US CPI data will provide fresh direction for the greenback and subsequently for the yellow metal also.
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1.Bullish -Gold
Gold price may be underpinned amid increasing gold investment demand. Spot gold/USD may test higher to $1308.
2. Bearish -GBP
GBP was undermined as UK manufacturing and services PMI dropped, reflecting UK economic slowdown. GBP/USD may test lower to 1.4193-1.4303(11.02-11.10).
3. Bearish -EUR
EUR dropped as EUR volatility tends to increase in May for the past 10 years. EUR/USD may test lower to 1.1199.
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