Silver trading within the cone structure. 24.80/85 is temporary resistance Trend News

Technical outlook and chart setups:

The white metal is bouncing off within the cone structure presented here. At the moment it is testing the upper boundary at 24.10/15 levels and a reaction is expected lower from here. A break below 23.50 would shift focus lower towards 23.00 atleast. It is recommended to remain short from yesterday with stop at 25.00 levels. Interim support levels are 23.00, 22.00 and 21.45 (according to weekly charts); while interim resistance levels are 24.80/25.00, followed by 25.00, 26.00 (past support turned resistance) respectively. Please note that structurally a new low below 22.00 is still possible towards 21.45 at least. Selling rallies are recommended and is preferred trading strategy for now.

Trading recommendations:

Remain short, stop at 25.00, target open.

Good luck !

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Gold remains locked between 1570/80 and 1530/40. Trend News

Technical outlook and chart settings:

The yellow metal is clearly in a sideways trading range as shown in the chart view here. It is within the 1570/80 resistance zone and 1530/40 support zone as blue lines show on the chart. A move lower is favoured, though making a strong statement in a sideways market is not recommended. Short positions that were taken earlier, can be held with a stop around 1590.00 levels. It is recommended not to initiate fresh positions on either side as of now. Rather, trading the sideways range would be the best strategy. Sell resistance at 1570/80 levels, and buy support at 1540.00 levels. Furthermore, buy on a bullish break and sell on a bearish break.

Trade recommendations:

Hold short positions for now, stop at 1590.92, target open.

Good luck !

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GBP/CHF: stick to long positions for now. 1.44 is support Trend News

Technical outlook and chart settings:

This currency pair seems to run up through 1.47 and probably even higher, according to chart view presented here. The line in the sand is 1.44; that should hold for now. Resistance is at 1.47 (this was past support zone), followed by 1.5 and 1.51; while support is 1.44, followed by 1.4075, 1.4030 and lower. It is therefore recommended to remain long for now and buy on dips from here on. A push through 1.47 levels would enable further room towards 1.48 and possibly towards 1.5 levels as well before a meaningful retracement takes place. Bottomline: Looking higher above 1.44 levels for now.

Trading recommendations:

Hold on to long positions for now, stop at 1.44, target 1.27/1.28

Good luck !

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Elliott wave analysis of EUR/JPY for May 9, 2013 Trend News

Today's support and resistance levels:

R3: 131.62

R2: 131.12

R1: 130.37

Current Spot: 129.84

S1: 129.72

S2: 129.32

S3: 128.98

Technical overview:

We have seen a test of important resistance at 130.37, but not yet been able to break above this resistance. However, we think that it is just a matter of time before we see this break for a continuation higher towards the top of wave 3 at 131.12 and higher towards 131.62. Our target for this wave 5 is near 135.42. In the short term we expect minor support at 129.72 to protect the downside for the a break above 130.03 that indicates a new test of important resistance at 130.37.

Trading recommendation:

We long EUR from 127.30 and move our stop higher to 128.95. If you do not have long EUR positions, then buy near 129.72 or a break above 130.03 with the same stop.

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