› Weekly binary options technical forecast June 15 - 19

Weekly binary options technical forecast June 15 - 19

Gold: Call

Although the price of gold struggled to break through the horizontal static resistance line (see the screenshot below), and a counter-trend action occurred on the back of buying put-options, the overall technical sentiment remained on the call side, especially in the daily timeframe. The trigger was delivered when the price of gold tested the upper band of the Ichimoku Cloud by the daily whipsaw. However, the close rate was above the support, so technical indicators pointed to a lucrative opportunity to start the trading cycle of buying call options for gold with 4- and 24-hours expiration time.

The cycle ended when the price of the yellow metal failed to breach the sequence of lower highs and another correction started on the put side. However, since the Ichimoku Cloud is rising, Monday’s bearish action was limited by the upper band of it. So if the bulls are interested to proceed with the uptrend, then they have to add more volume to the trading activity and support the price action. If that is confirmed, the price of gold could sky-rocked towards the multi-year high at around $1750 per ounce.

There is also another side of the coin, which is related to the fundamental but not technical analysis. If the geopolitical tensions eased, and leading countries agreed to arrange a common meeting in terms of negotiating the best way to collaborate on the Covid-19 issue and open the global lockdown, then the gold’s role of the safe-haven asset could be taken off the agenda. Such a global summit could open the door for the global economy to regain the growth pace and global investors would be glad to open the capital flow directed into equities. The long-term pivot point for the price of gold is placed at $1610 per ounce.

Weekly binary options technical forecast June 15 - 19

Brent Oil: Bullish

The price of oil is in a robust recovery phase, especially given the previous sell-off this spring. The black gold charted several achievements in terms of the technical analysis recently. First of all, Brent oil appeared above the Ichimoku Cloud for the first time since the brutal sell-off in January 2020. Second, the leading span kept increasing the positive surplus after the bullish crossover. Third, the recent rebound was limited by the Ichimoku Base Line, which acts as the intermediate support. As long as the price of oil remains between the support and resistance, a sideways action is possible. A breakout of the upper line could lead to another wave of demand for call options for the price of oil in the London Exchange, as well as the rest of the global market. The key target and resistance is coming at $45.51 per barrel, the upper level of the bearish gap shown on the screenshot below.

Weekly binary options technical forecast June 15 - 19

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