Weekly Market Forecast 9 - 14 May 2021

Gold

The price is moving inside a bearish channel on the daily time frame and is now near the top of this bearish channel. I expect the price to move higher to test the top of this channel and the 200 moving averages, and then we may get some possible retraces to the downside.

Contrary to the daily time frame, on the smaller time scale, the H4 time frame the price is moving inside a bullish channel and is nearing the top of it. Currently the bulls are in charge here and there are no signs against them. So, I expect to see here some final rally until the price creates a bearish divergence and signs of reverse. I expect bearish move to happen afterwards.

EURGBP

On the daily time frame after an impressive bearish move, the price is now creating a corrective phase to the upside. I expect to see the price reaching the 38.2% (0.87614) - 50% (0.88508) Fibonacci retracement zones of the most recent bearish trend. We also have the 200 moving averages around this area and it is trying to reach the 38.2% - 50% Fibonacci retracement zones. So basically, I expect to see the price moving higher and completing the second leg around this zone.

USDCAD

On the weekly time frame, we have a clear bearish momentum with a clear and strong bearish trend. I believe this bearish run would continue further and I expect the price to retest the recent swing lows that were not yet tested (zone of 1.18 – 1.20)

Daily has no signs against this bearish momentum, and the price has created series of lower highs, lower lows which is a strong indication of ongoing bearish momentum. So, I expect to see further continuation lower to retest the weekly lows. My plan is selling with short pullbacks and aim new lows.