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Technical analysis report

16 Jan 2023 12:45 PM

Gold

Gold tested the support level at 1910.00, succeeded in maintaining it, and rebounded to $1917.00, and it is likely that the rise will extend to $1930.00.

The support level 1910.00, if broken, could extend the decline to test the support at 1893.00.

Silver

Silver is moving in an ascending channel, and after it tested its lower boundary at 23.10, it succeeded bouncing from it and rising to 24.50. If surpassing this level, the rise may extend to $25.00.

However, if silver fails to surpass the resistance 24.50, it is likely that the drop will extend to test the support 23.00.

EURUSD

The EUR/USD pair retreated from the resistance level of 1.0870, and failed surpassing this level. The correction may extend to test the support level of 1.0780, and it is likely that if it maintains this level, it may rebound to rise and retest 1.0870 again.

However, by breaking the support at 1.0780, if prices remain below it, the drop may extend to 1.0700.

GBPUSD

The pound sterling against the US dollar is moving in an ascending channel, and succeeded in bouncing from the level of the lower border of the channel at 1.2170, and it is likely that the rise will extend to 1.2300 levels.

Butif the price below the support levels 1.2150, it may contribute to extending the correction and falling to 1.2080 levels.

USDJPY

The dollar yen declined, breaking the support at 130.00, and extended its decline to the level of 127.20, and it is likely that the drop will extend to test the support at 126.20.

The resistance levels for the pair are 130.00, which it is important to cross to extend the rise to 133.00.

The Dow Jones

The Dow Jones index gave up some of its gains to trade near 34200 levels. However, price stability above the trend line may support possibility of continuing the bullish scenario, supported by technical indicators, to 34500 levels. A bearish corrective movement may extend to 33900.

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