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Gold, WTI Crude oil and EURUSD - Intra week technical outlook, 13/03/19

Gold stand steady at 1300 level

Gold 1303

Gold prices were seen maintaining the bullish hold following last Friday’s solid gains. However, price action is seen struggling near the 1300 mark at the time of writing. This could potentially see price action either moving lower or possibly breaking past the 1300 level in the near term.

In the short term perspective, a retest of the 1290 level would be ideal for gold to seek support at this level. This would then set the stage for a sustained move towards 1320 on a successful break above 1300 level.

However, if gold prices break past the 1300 level without establishing support at 1290, then gold prices could be at risk of a correction lower, unless support is new established near or above the 1300 mark. In the longer term, a retest to the 1320 level will potentially mark the correction to the downside with the target level of 1240.

Oil prices remain stuck to the upside

WTI 1303

WTI Crude oil prices continue to trade in a range with price action seeing a congestion zone near the 55 - 56 level. Following the breakout from the daily rising wedge pattern on the downside, WTI crude oil reversed the declines to regain back the 57 level.

The failure to post any strong gains above the 57 level has currently pushed oil prices lower. This could potentially mark a decline to the downside, especially if the previously established lows at 55.00 will be breached. The lower support at 54.00 remains a key level of interest.

To the upside, further gains can only be expected if crude oil manages to break past the 57.50 handle which looks unlikely at the moment.

Euro maintains bullish gains


The euro currency has managed to maintain strong gains since Friday last week. This comes following the sharp decline from Thursday’s session following the ECB meeting. The EURUSD currency pair is seen testing the breached support level of 1.1312 - 1.1282 region.

In the near term, if this level cannot be breached, the euro currency could be seen reversing the gains. However, there is a possibility that the common currency would breakout to the upside. This will potentially set the stage for the euro to attempt to reclaim the 1.1300 handle and maintain further gains.

The next upside target goes back to the familiar resistance level of 1.1450 which could be tested if support is formed once again near the 1.1312 - 1.1282 region.

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