28th May -Forex Technical & Market Watch
EUR/USD trades below 1.1200 as EU leaders prepare to divvy up the top jobs, including ECB President. Italy's Salvini demands to loosen budget restrictions after his victory. The US-Sino trade war persists.
R3 1.1243 R2 1.123 R1 1.1212
S1 1.1181 S2 1.1168 S3 1.115
GBP/USD is below 1.2700, as traders return from a long weekend. Labour now supports a second referendum while the ten Conservative contenders harden & as traders return to polarized political scene.
R3 1.2811 R2 1.278 R1 1.273
S1 1.2648 S2 1.2617 S3 1.2567
Crude oil Outlook
WTI (futures on Comex) extends its recovery mode into a third straight day today and popped to regain the 59 handle briefly in the European trading amid mounting supply-side risks, as US-Iran tensions escalate.WTI rallies 1% to regain $ 59 amid escalating US-Iran rift.
The price of gold is dropping sharply to around $1,277, around $8 on the day and falling back to levels that were seen last week. The sell-off in the precious metal is not correlated to any other market movement. Gold tumbles down to $1,277, fully reversing the gains – levels to watch.
R3 1290.62 R2 1289.04 R1 1287.02
S1 1283.42 S2 1281.83 S3 1279.81
Disclosure :- The author does not hold any forex trading account while writing.
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