Silver Remains Bullish. Buy On Dips Recommended Trend News

Technical Outlook and Chart Setups:

Silver trend structure remains unchanged as we have discussed lately. After yesterdays' movement, the prices are expected to pull back towards 30.40/50 region before rallying further up. Resistance is lined up at 31.50, 33.50, 34.30/40, and 35.10 respectively, while strong support will be provided by 29.20 level from here on. It is recommended to remain long and add to positions on intraday dips as well. In order to remind, prices have bounced of a convergence of Fibonacci ratios, and a rising trendline support. Hence till the time 29.20 remains intact, the white metal has headed north.

Trading Recommendations:

Hold on to long positions, buy further on dips. Stop is at 29.00 and target remains open.

Good Luck!

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Gold Remains Strongly Bullish. Buying On Dips Remains Recommended Strategy Trend News

Technical Outlook and Chart Setups:

The yellow metal rose through the 1,675.00 level sharply yesterday, and it was very much expected as well. The prices are expected to pull back towards 1,660/65 levels before rallying further. Resistance is at 1,700.00 level, followed by 1,720.00, and 1,753.00, while 1,626.00 should provide strong support from here on. In order to remind, the prices have bounced back (1,626.00) from a multiple convergence of 0.618 Fibonacci retracement of upswing (1,530-1,795), 1.271 extensions of downswing (1,795-1672), past resistance turned support and trendline support. Hence, till the time prices stay above 1,626.00, the yellow metal has headed north.

Trading Recommendations:

Hold on to long positions, buy during intraday dips near 1,660/65 region, stop is at 1,600/10, and target remains open.

Good Luck!

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EurJpy Hits Target At 118.00. It Is Recommended To Book Profits For Now. Remain Flat Trend News

Technical Outlook and Chart Setups:

A Daily chart view has been presented here for looking into the larger Fibonacci extensions which are expected. The single currency pair broke out of pennant formations yesterday and hit the measured extension level at 118.00. Further resistance levels are at 120.00 and above. Immediate support is now at 113.50 level. It is recommended to book profits on long positions taken earlier and remain flat for now. A major resistance on Weekly charts has been broken and the prices are expected to initiate a pullback from here, before resuming further uptrend. Flat for now.

Trading Recommendations:

Book profits on long positions taken earlier and remain flat for now.

Good Luck!

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GbpChf Showing Signs Of Bullish Bounce. It Is Recommended To Cover Short Positions Now Trend News

Technical Outlook and Chart Setups:

The structure remains unchanged from what we discussed yesterday. The prices have moved towards lower side and bounced back sharply from 1.4720/25 levels. Looking at the overall wave structure, the prices seem to be heading south, but a bounce remains a possibility before that. It is recommended to book profits on short positions taken earlier and wait for another opportunity. Intermediary support is at 1.4670, while resistance is at 1.4950/60. It is not a good idea to turn aggressively bullish till resistance at 1.5050/60 remains intact. Remain flat for now.

Trading Recommendations:

Take profits on short positions taken earlier now. Remain flat.

Good Luck!

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EUR/USD Sell Bellow 1.3241- For January 10, 2013 (Daily Strategy) Trend News

The euro benefited by news of Spain's bond auction of Spanish treasure to 3 and 5 years was laid with much lower rates than expected by analysts. Due to it, this morning in the American session the euro rose breaking the 1.3160 level and is now trading below weekly resistance of 1.3241. It is likely to be a pullback to this level. Therefore, taking into account that we have the strong resistance at 1.3308 level, we will place our stop loss above this level. Our strategy is bearish because we expect that there is an correction for the next few days. The technical indicator is in bearish zone, therefore, sell only resistance levels.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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