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Trading GBP/USD ahead of UK CPI and unemployment data


MongiIG

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      10/06/21 10:53

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    • Gold The uptrend has been given new life with yesterday’s bounce, which has seen the price push to $1840 for the first time in a month. This run of higher highs and higher lows continues to support a more bullish view, putting the November highs near $1860 into view. Tuesday’s low at $1806 would need to be breached to the downside to provide a short-term negative outlook, as this would end the run of higher lows witnessed over the past seven weeks. Source: ProRealTime   Chris Beauchamp | IG Chief Market Analyst, London | Publication date: Thursday 20 January 2022 
    • Gold looks for gains after surge, while oil prices consolidate Gold’s bounce on Wednesday puts it in a strong position, while oil prices are still looking for more upside. Source: Bloomberg  Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 20 January 2022  Gold The uptrend has been given new life with yesterday’s bounce, which has seen the price push to $1840 for the first time in a month. This run of higher highs and higher lows continues to support a more bullish view, putting the November highs near $1860 into view. Tuesday’s low at $1806 would need to be breached to the downside to provide a short-term negative outlook, as this would end the run of higher lows witnessed over the past seven weeks. Source: ProRealTime WTI The rally goes on here, and has taken the price to fresh highs this week, although Wednesday’s session saw WTI drop back below $86. Nonetheless the overall bullish view remains in place, and the 2011 highs above $100 per barrel are now in sight. Near-term support comes into play around $84, the October and November highs, and then below this in the region around $79. Source: ProRealTime
    • Note: There will be a maximum of 3 time units to the downside from the high before the next rally.
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