Silver Upswing Should Resume From Current Levels. Recommended To Build Long Positions Trend News

Technical Outlook and Chart Setups:

As expected, the metal has inched lower and is currently in the process to form bottom at current levels. As per the wave count, the 4th wave should have been completed at 29.60 level. This region is re-enforced by 0.618 Fibonacci retracement level of wave 3, also the trendline is set to provide necessary support required for continuation of the rally. Major support is at the 28.00/50 region, while resistance remains fixed at 33.60/65 levels respectively. It is strongly recommended to buy from current levels and build on the long positions further. Looking higher from here on.

Trading Recommendations:

Hold on to long positions taken earlier, buy further at current levels, (29.70/75), stop is at 28.00 and target is open.

Good Luck!

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Gold Hits Support At 0.618 Finbonacci. Buying Is Strongly Recommended Trend News

Technical Outlook and Chart Setups:

As depicted here, let us look at the wave count, which has presented further clarity.

1. Wave 1 is from 1,525 to 1,640. Wave 2 ended at 1,550.00. Wave 3 ends at 1,795.00 and now Wave 4 ends at 1,635.00.

2. 1,635.00 can be safely assumed to be the next bottom and Wave 5 would resume from current levels.

3. As seen on chart, this level is re-enforced with past resistance turned support and also the 0.618 Fibonacci support passes through the same level.

Keeping the above facts in view, the yellow metal is recommended to be a BUY.

Trading Recommendations:

Hold on to long positions taken earlier, further go long now (1,646.00), stop is at 1,610.00. Target is open.

Good Luck!

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EurJpy Pullback Is Underway. Take Profits Recommended Trend News

Technical Outlook and Chart Setups:

As depicted here and expected, the single currency pair seems to be on its way to correct/retrace. As seen here, the support region is between 108.50 and 109.00. Furthermore, this region is also re-enforced by past resistance turned support. Since the overall trend remains bullish, it is recommended to cover short positions and take profits at the moment. Keeping the trade strategy to buy on dips is highly recommended. The swing support is at 106.00 followed by 105.20 level respectively. Fibonacci resistance is spread through 113.00 level and above. Flat for now.

Trading Recommendations:

Book profits on short positions taken yesterday. Flat for now.

Good Luck!

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