Gold prices dropped to January 2017 levels. Overbought on Cayman indicator has updated the absolute maximum again. Now it equals 87. While most of the traders are trying to catch a turn, Gold has a potential to drop to $1130 support level. The US dollar is still growing and pulls investor’s money from Gold. On the Daily chart, a bullish signal “inverted hammer” didn’t thwart the bullish trend. It means that Gold sellers are still very strong. So we continue to sell Gold from current levels with a profit target at $1130.
NZDUSD made 2 strong reversal candlesticks on the Daily chart. These were “morning star” doji and “inverted hammer”. Cayman’s overbought is decreasing. And the price is close to 0.6496 support line.
There is no important news for Qiwi on this week. Next significant news for the US Dollar will be published only tomorrow. So right now we can use only a technical point of view. And buy NZDUSD at the current level or after the bounce from the support with the profit target at 0.6850.
So, our targets for
Gold (XAUUSD) – $1130
NZDUSD – 0.6850