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  • Writer's pictureShivkumar

28th May -Forex Technical & Market Watch

(By Shivkumar)

EUR/USD Outlook

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

PP 1.1199

S1 1.1181 S2 1.1168 S3 1.115

Forex Technical & Market Watch
28th May - Forex Technical & Market Watch

GBP/USD Outlook

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

PP 1.2698

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.

Gold Outlook

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

PP 1285.44

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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