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Tuesday, May 24, 2022

Gold at higher high and EURGBP broke the Channel
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Gold Uptrend Analysis

GOLD remains very bullish on every week.

Gold is moving in a strong uptrend by forming higher highs, higher lows in 1-hour chart.

Now, Gold standing at a higher high of the uptrend line.

Soon, Gold will fall from this top zone.

Due to Covid-19, all big investments are going to the gold market which is considered to be a safe-haven asset for more years.
 
In short term analysis, Gold will swing up and down, but In overall it will move up for the long term.
 

EURGBP Breakout Analysis in Uptrend

EURGBP broken the bottom level of Ascending Channel

EURGBP has moved in an uptrend by forming higher highs, higher lows.

A Clear Ascending Channel is formed.

Recently, EURGBP has broken the bottom level of Ascending Channel and it starts to form a lower low which shows that EURGBP got more sellers pressure.

GBP currency gains on Mini budget today conducted by UK chancellor Rishi Sunak, the expectation of statement are boosting the economy of the UK.

In his statement already announced are bonuses for training jobs, VAT cut for businesses, National Insurance cut for employers,500 pounds spending vouchers for adults, stamp duty holiday, green grants for householders, and pound 1.6billion for theatres and music venues. Those measures show the recovery of the UK economy.

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