The precious metal has a strong rally in the week due to the “Trump effect” but not strong enough to close above the symmetric triangle as such trading within the triangle.
As long as we have price action remain within this triangle, we expect price to pull back at the resistance of $1260 per ounce and support of $1213 per ounce

Expectations: We expect a range trading on the precious metal until a break above either trendline of the symmetric triangle.

USDCAD STEEP CORRECTIVE MOVE IN ACTION
Having rallied from a low of 1.3252 to a high of 1.3793, UASCAD has thus seen steep corrective move to 1.3515 (50% Fibonacci retracement level) also testing moving averages (34 and 20) while the 100 day moving average still in the upside slope.
RSI 14 day period also witness correction from the overbought level.

Expectation: We expect the end of the corrective move in the currency pair but would rather look out for a daily close above 1.3590 before recommending a buy. On the other hand, a continued move below 1.3513 on the daily timeframe would see the pair continue its fall towards next support of 1.3458

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Adeshina Adetunji, CFTe
Technical Analyst/Strategist
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