Midday update for Gold 19-07-2018

The GBPUSD pair returns to decline strongly and press on 1.3000 level again, while stochastic approaches to provide negative overlapping signal on the four hours’ time frame, which supports the continuation of our bearish overview for the rest of the day, targeting 1.2962 level as a next main station, noting that the EMA50 keeps supporting the suggested bearish wave, which its continuation conditions holding below 1.3226.

The EURUSD pair resumes its negative trading to start testing 1.1600 barrier again, which supports the continuation of the expected bearish trend scenario for today, which its next targets located at 1.1554 followed by 1.1443, reminding you that holding below 1.1705 and 1.1765 levels represents major condition to achieve the suggested targets.

Copper price failed to achieve the required break to 2.7000 support, to be forced to provide intraday sideways by leaning around 2.7525, while stochastic contradiction to the negative stability by forming intraday positive wave that supports the sideways fluctuation until providing new negative momentum to increase the chances of achieving the required break and open the way to record new negative targets that start at 2.6200 followed by 2.5500.