Silver range trading continues... Bounces again from 28.50 Trend News

Technical outlook and chart setups:

Trading sideways is simple if you keep it simple! Again we have found silver to be exceptional sideways instrument. The range establishment here is between 28.40/50 as support and 29.20/30 as resistance. A bullish bounce at support should be bought, and that is what happened again yesterday, while a bearish bounce at resistance should be sold. Support below 28.40 is at 28.00 which should hold well. Resistance levels begin from 29.50, followed by 30.20, 31.20/30 and higher up. The time taken by this sideways trading range is nearly 18 days for now, and one should not be surprised to see a breakout, to see through prices straight towards 30.50 and even higher. Bottom line: Stay bullish.

Trading recommendations:

Remain long, add further now (28.80), stop is at 27.00, and target is open.

Good Luck!

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Silver technical levels and trading recommendations for March 26, 2013 Trend News

Overview

The H4 chart demonstrates today that yesterday silver failed to break the strong Support area of the downward trend line with the Support level 28.45 and is still trading between the Support level 28.45 and the Resistance level 29.00. If the pair manages to break this Support area and closes 4H below it, it provides a good opportunity to sell below the downward line, then the Support level 28.45. After that we should wait for breaking out of this Support level to continue the bearish move, then we will get a bearish strength, which will provide new sell signals and enable the Support level of 28.00 as a target level. On the other hand, if silver reverses its bearish move and takes an upward direction after its failure to break the string Support area, it will be a strong indicator for the bullish move, after closing 4H above the Support level enabling the Resistance level of 29.00 again. In this case, we should wait for breaking this Resistance level to continue the bullish view. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level 28.45 and the downward trend line are unbroken, the upward move is still expected invalidating the downward movement. Therefore, we should wait for more confirmations before making a decision.

Resistance and Support levels

R3 (30.20) R2 (29.45) R1 (29.00) S1 (28.45) S2 (28.00) S3 (27.50)

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Gold retracement towards 1,585/90 support yesterday was another buying opportunity Trend News

Technical outlook and chart setups:

Yesterday the yellow metal corrected to the expected levels between 1,585/90. This region is also re-enforced by the past resistance turned support area, and prices pulled off sharply from there on. Currently it is trading around 1,598/99, it still remains a good buying opportunity. Immediate upside target seems to be 1,620.00 level in a short-term view. A break above that would rally further up towards the 1,660.00 region comfortably. Supports begin from 1,575.00 level, followed by 1,560/65 and 1,555.00; while resistance remains fixed at 1,650/60 levels, followed by 1,680/68, and 1,700.00 respectively. Believe it or not, Gold may be testing our patience for now, but it remains in a structural multi-year bull trend and would continue to be so. 1,550.00 level would be providing strong support and may be a base support for years to come by. Bottom line: Utilize all dips as buying opportunities. Looking higher.

Trading recommendations:

Remain long, add positions on dips, stop is at 1,550.00, and target is open (1,660.00 should be viewed as short-term target).

Good Luck!

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EurJpy drops below 121.00. Flat for now Trend News

Technical outlook and chart setups:

The single currency pair has taken out our stops below 121.00 level yesterday. Nevertheless, it seems to have found intermediary support at the 0.786 Fibonacci support as seen here. Furthermore, the intermediary support should be strong and hold well at 118.75-119.00 region. It is recommended to remain flat for now and watch for further movements before committing to trade the pair. Now intermediary resistance begins from 123.50 level, followed by 124.50, 126.00 and strong resistance is seen at 127.00/90 levels. If bulls are to remain in control, the 118.00/119.00 mark should hold well; also the break of channel line (smaller down trendline seen here), would confirm further. On the flip side, a breakdown of 119.00 level would see a huge correction seen towards 113.00/114.00 levels.

Trading recommendations:

Flat for now.

Good Luck!

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GbpChf hits 1.4411 convergence. Adding short positions recommended Trend News

Technical outlook and chart setups:

Looking into the 4H chart view depicted here, finally the single currency pair has rallied through 1.4411 level, marked as Gartley or the point of convergence; in our earlier discussions. Believe it or not, Gartleys, if projected in the right manner, produce extremely beneficial trading results. An engulfing bearish signal, is observed at the moment. To elaborate the trend structure, 1.4530 to 1.4 was towards the downtrend, 1.4 to 1.4411 rally is the counter trend. Most probable occurrence should now be towards the larger trend and extend below 1.4 mark. Resistance is above 1.45 level and till the time it remains in place, it is recommended to remain short. Intermediary support levels and trendlines depicted here should break down eventually. Once prices are below the 1.4100 mark, the downtrend would accelerate further. Bottom line: Remain short.

Trading recommendations:

Remain short, add further positions now (1.44), stop is above 1.4550, and target is below 1.4.

Good Luck!

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