Gold bearish hovering around 1240 level; targeting new lows

USDJPY

The USDJPY rose to 112.35 earlier in Asian session, the highest level in January despite escalating US-China trade tensions and the risk-off sentiment. Support stands at 112.06 and a fall through could take it to the next support level of 111.34. On the other side resistance stands at 113.00, and a rise through could challenge 113.23 resistance level.

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EURUSD

The Euro is seeing a mild recovery through Thursday’s Asia window after a steady tumble on trade tariffs. Support still stands at 1.1660, and a break below here might indicate further downside movement towards the next support level of 1.1570. On the flip side resistance is seen at 1.1795, and a rise through could take it to the next resistance level of 1.1820.

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GBPUSD

GBPUSD is expected to have a bearish outlook from short to medium term. The weekly low at 1.3189 is the immediate support, with a break below it opening doors for an extension down to 1.3110. On the other side resistance stands at 1.3245, and a rise through could take it to the next resistance level of 1.3285.

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GOLD

Gold is holding close to 2018 lows as the precious metal continues to slump, with traders opting to hold USD for the time being. Short term support stands at 1236.51, and a fall through could take it to the next support level of 1231.01. On the flip side resistance stands at 1255.00, and a rise through could take it to the next resistance level of 1265.00.

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