Silver around Fibonacci support at 28.10/20. Bullish reversal expected here Trend News

Technical outlook and chart setups:

As seen here on the daily chart setup, Silver has approached the 0.786 Fibonacci support at 28.10/20. Furthermore, this region is the past resistance turned support as well. Prices have taken out our stops at 29.00, but believe it or not, a strong bullish reaction is expected around current level (28.30/40). Aggressive trades may go long again, while more conservative trading approach would be to wait for bullish reversal on the Daily chart. 27.50 is support, followed by 27.00 and lower. Resistance is strong at 32.50. Looking to buy again.

Trading recommendations:

Flat for now. Looking to enter buying again.

Good Luck!

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Gold tests 1,555.00. Just shy of critical support at 1,545/50 Trend News

Technical outlook and chart setups:

The weekly chart view is presented here. The yellow metal has been overall in an uptrend since 2008 lows, but has been drifting sideways after registering highs above 1,900.00 level. After the wedge breakout around 1,650.00, the metal rallied through 1,798.00 level, which had been defined as strong resistance. The current fall, which has technically defied all Fibonacci convergence levels, proves that sideways movement continues in the yellow metal and that it need to be traded accordingly. Keeping this view in mind, the area which is in range 1,525.00 to 1,540/50 is the support zone, as seen on the chart view. A bullish bounce here on 1hour/4 hour charts should be bought. On the other hand, a break below 1,525.00 should be sold aggressively.

Trading recommendations:

Hold long positions taken earlier, buy further on a bullish bounce between 1,540/50; stop at 1,520.00, target open. A break below 1,525.00 should be sold aggressively.

Good Luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via Gold tests 1,555.00. Just shy of critical support at 1,545/50 . Thanks for your support on Gold tests 1,555.00. Just shy of critical support at 1,545/50

EurJpy again testing trendline support around 124.00 Trend News

Technical outlook and chart setups;

As seen on the 4H chart view here, the single currency pair is testing a medium-term trend line passing through 124.00 level at the moment. 123.00 is immediate intermediary support, while 121.00 is a strong one. Resistance is at 127.00 and 127.90/128.00 respectively. It is recommended to stay long but also book partial profits at current levels. Just in case the trendline breaks, it is expected to correct further down towards at least 123.00 and lower. At the moment, it is looking higher towards a fresh high around 129.00 level before reversing sharply.

Tradimng recommendations:

Book partial profits and hold remaining long positions, stop is at 123.00, and target is at 129.00.

Good Luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via EurJpy again testing trendline support around 124.00 . Thanks for your support on EurJpy again testing trendline support around 124.00