Silver continues sliding. Looking to buy around 21.20/40 Trend News

Technical outlook and chart setups:

The metal is retracing at the moment, in tandem with gold. But looking into the overall structure, it is unlikely that silver would print a fresh low before reversal. Resistance is just above 23.00, followed by 24.50, 27.50 and higher; while supports are seen at 21.30 (the Fibonacci 0.618 support for the entire rally from 20.00 to 23.00), followed by 20.70 and 20.00 respectively. It is recommended to remain flat for now and enter buying around 21.20/40 levels. The metal is drifting sideways for now and a break below 22.00 would extend towards 21.30 quickly.

Trading recommendations:

Flat for now. Looking to buy around 20.30 again.

Good luck!

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Gold continues to drift lower. Initial target seen below 1324.00 Trend News

Technical outlook and chart setups:

The metal continues to slide for now, targeting 1,330.00 and 1,310.00 as swing lows. Immediate resistance/high is at 1,415/20 levels, followed by 1,440/50, 1,480 and higher; while support is at 1,375.00, 1,340.00 and 1,324.00 respectively. It is recommended to hold short positions for now keeping risk at 1,420.00. Please also note, if 1,420.00 breaks down, then potential remains for a rally through 1,500/20 levels; though the probability for this remains low for now. It is currently trading at 1,380.00 levels, a break below 1,350/60.00 would further add selling pressures quickly through 1,300.00 level.

Trading recommendations:

Remain short, sell on rallies, stop is at 1,420.00, and target is at 1,319.00.

Good luck!

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



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EurJpy: Extensions seen at 134.25. Risk is at 130.00 Trend News

Technical outlook and chart setups:

The single currency pair has rallied through 132.00 level today, 200 pips above last week's low at 130.00. It is recommended to continue holding long positions for now and tighten risk to 130.00 or break even levels. Immediate support is fixed at 130.00 as discussed earlier, followed by 129.00, 126.00, and 125.00 respectively. Fibonacci resistance is at 134.25 now, which is also our measured target for long positions. Structurally, the current rally looks to be the last one, before a meaningful reversal could take place. Bottom line: bullish above 130.00.

Trading recommendations:

Remain long, stop is at 130.00 or at break even levels, and target is at 134.00.

Good luck!

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



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GbpChf remains sell on rallies between 1.46/1.47 Trend News

Technical outlook and chart setups:

The single currency pair has rallied above 1.46 at the moment and is pulling back. It is quite possible that the rally extends to 1.47 level before the pair reverses. It is hence recommended to initiate/hold short positions. Immediate resistance is at 1.4800/20, right at the trend line. Above that, major resistance is fixed at 1.5000, 1.51, and 1.52 respectively. Only above 1.48 now, bulls would be brought back into focus again. Intermediary support is at 1.45 level, followed by 1.44 and lower. The daily wave structure remains bearish since prices have bounced off the downtrend line from 1.54 level. Lower extensions are pointing below 1.4 level in the sessions to come.

Trading recommendations:

Initiate/hold short positions, stop is at 1.4850, and target is below 1.44.

Good luck!

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



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