The first video from our analytical team this week starts with the analysis of the gold, where we have a new buy signal as we speak. The price eventually broke the upper line of the pennant and went higher. That was expected, as mentioned in our previous pieces about this instrument. Positive sentiment will be cancelled when the price breaks the lower line of the pennant, which for the time being is less likely to happen.
Our second instrument is USDJPY, which wasted a great chance for a buy signal. The pair drew an inverse head and shoulders pattern bouncing from the major upwards trend line, but failed to break the neckline. That failure could be a strong sell signal itself, especially considering that we also have a wedge formation.
And lastly we have the Cable, where the price broke the lower line of the triangle pattern. That is a negative sign, and activates the sell signal with the potential target on the lows from the middle of August.
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