Gold price forecast update 12-09-2024

The GBPUSD price fluctuates at 1.3036$ support line and finds difficulty to break it until now, while the bearish trend scenario still active as long as 1.3124$ level remains intact, supported by the negative effect of the double top pattern, reminding you that our next targets reach 1.2965$ followed by 1.2894$ levels, waiting to gather negative momentum that assist to push the price to resume the suggested bearish wave.

The EURUSD price shows weak sideways trades since morning, waiting to get negative motive that push the price to resume the correctional bearish trend, which targets 1.0990$ followed by 1.0940$ levels as next negative stations, reminding you that the double top pattern has additional negative targets on the longer-term basis, while the bearish trend will remain valid and active unless breaching 1.1040$ followed by 1.1100$ levels and holding above them.

The NZDCAD price formed some correctional bearish waves recently, affected by 38.2% correction level that forms solid barrier at 0.8480, to decline temporarily towards 0.8310 and face the MA55 as appears on the chart.