Silver Inched to 30.40 Yesterday, Sideways at the Moment. Expect Higher Highs from Here Trend News

Technical Outlook and Chart Setups:

Structurally things remain unchanged since last 4 trading sessions. One can expect this sideways range to continue for 1-2 days more before it breaks out finally. The 29.50/60 level is immediate support followed by 28.00 and 27.50, respectively; while resistance is at 32.50, 33.50 and 34.30/40, respectively. Also the current bottom formation at 29.50/60 is at confluence of trendline support, Fibonacci 0.618 support, and past resistance turned support region. It is, therefore, recommended to hold on long positions taken earlier, further buy on dips. Looking higher from here on.

Trade Recommendations:

Hold on to long positions taken earlier, stop at 29.00/28.75. Target is open (fresh highs).

Good Luck !

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Gold Starts Forming Higher Highs. Immediate Target Seen at 1690.00 Trend News

Technical Outlook and Chart Setups:

Prices should gather momentum as early as next week according to the weekly charts. There may be another 1-2 days of consolidation possible before rally begins. Initial resistance is at 1690/1700 followed by 1720/22 and 1753.00, respectively. Support is seen at 1600/10 followed by 1560/70, respectively. It is recommended to buy at current levels and also on any intraday dips towards 1645/50 region. Looking higher from here on.

Trade Recommendations:

Hold on to long positions taken earlier, also initiate further longs during intraday dips, stop is at 1610/00. Target is open (fresh highs).

Good Luck!

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EURJPY Targeting 114.00 and Higher. Hold on to Long Positions if Taken Trend News

Technical Outlook and Chart Setups:

As depicted here, the single currency pair bounced back from the past resistance that turned support region near 110.50. The next chart resistance is at 114.00 levels. Also Fibonacci extensions are pointing towards 117.00 levels and higher; but prices reaching straight remains unlikely. Immediate support is now at 110.50 levels followed by 106.00 and 105.00, respectively. Resistance is at 114.00, 117.00 and 120.00 respectively on daily charts. It is recommended to exit any long positions, if they have been taken earlier, at 114.00 levels; fresh long positions should be avoided at current levels.

Trade Recommendations:

Exit at 114.00 with any long positions taken earlier or yesterday. Avoid fresh buying at current levels.

Good Luck!

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GBP/CHF Headed Towards 1.4650/00 as Initial Target Trend News

Technical Outlook and Chart Setups:

As depicted here and discussed earlier, the single currency pair has broken out of wedge formation and is headed towards 1.4600 levels as initial downside extensions. Immediate resistance shall be met at 1.4830/40 for any intraday rallies that materialize now. As one can observe, initial support at 1.4720/25 levels have been broken and the next level should be around 1.4600. It is recommended to hold on to short positions taken earlier and also look to build further shorts during intraday rallies towards 1.4850.

Trade Recommendations:

Hold on to short positions taken earlier, look to build further shorts during intraday rallies, move stop to breakeven, target is at 1.4600.

Good Luck!

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