Silver takes out resistance at 23.10. Book profits on long positions Trend News

Technical outlook and chart setups:

The metal advanced higher than the resistance at 22.50/23.00 levels in last trading session. At the moment, it is recommended to book profits and remain flat. At least, a meaningful correction could be underway towards 20.00 levels, which is the past resistance turned to support. The major resistance is now at 24.85/25.00 levels; while support is the way below at 19.20 (intermediary supports are 21.20 and 21.70). Silver looks good to buy on dips from here. 21.00 would be next level to long on a bullish reversal.

Trading recommendations:

Book profits on long positions. Flat for now.

Good luck!

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Gold is close to 1,380/1,400. Shift risk to break even and stay long Trend News

Technical outlook and chart setups:

The metal raised beyond 1,348/50 area yesterday. As depicted here, the next upside target is 1,380/1,410, which would be taking off major resistance around 1,370/75. It would be clear to buy on dips after that. For now, immediate resistance is at 1,380/1,400 while support is around 1,348/50 (which is past resistance turned to support), followed by 1,270 and lower. It is recommended to hold long positions and move risk to 1,320.00 or break even levels. Looking into the momentum and wave structure, Gold would be pushed higher to take out resistance before any meaningful retracement could take place.

Trading recommendations:

Hold long positions, move stop at break even level.

Good luck!

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EURJPY: bull above 128.00. Buy on dips Trend News

Technical outlook and chart setups:

The currency pair has retraced into 0.386 fibonacci support levels for now, although further correction towards 128.50/129.00 is possible before the rally resumes. It is recommended to remain flat for now and await a further dip before getting long. Intermediary support is at 128.00, followed by 125.00; while resistance is at 132.00/50 and 133.80/134.00 respectively. There are a couple of probabilities unfolding at the moment: in case of a bullish bounce around 128.00/50 we should open a buy position with a target at a new high; while a break of 128.50 could push it lower further.

Trading recommendations:

Flat for now. Buy between 128.50/129.00, set a stop at 128.00, target is open.

Good luck!

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GBPCHF stalling at resistance around 1.45/46 Trend News

Technical outlook and chart setups:

The currency pair is stalling at resistance region around 1.4500/4600 for the moment. Please note that the long-term downtrend line is passing through the same region along with fibonacci 0.618 retracement level. Yesterday, it indicated that a reversal may be close to watch. After todays' close it would be further clear; whether to initiate fresh short positions or not. Looking into the wave structure and overall trend, it looks as risk is higher to go long now. Rather it is recommended to wait for a bearish signal and go short.

Trading recommendations:

Flat for now. Looking to sell.

Good luck!

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Gold Elliott wave analysis for August 16, 2013 Trend News

Yesterday, gold back tested the broken downward sloping trendline and exploded upwards making a higher high above 1,351 resistance. This gives bulls hopes for an extended upward run up to 1,380-90 and why not higher. The rising pattern canceled all bearish scenarios as resistances were broken. As mentioned in previous posts, 1,351 is important resistance and if broken prices would start a move towards 1,380-90. Support levels at 1,315 and 1,300 were held and our positions were stop reversed at the 1,351 resistance.

The short-term support is now found at 1,333 and then at 1,322. The short-term resistance is found at 1,380-90 area. We might se a small pull back towards 1,350 but it is not necessary in order for this upward move to continue.

The entire move from 1,180 to 1,365 could be counted as an upward 5 wave move but one that is not complete yet. The latest upward wave 5 from 1,270 is only half way complete and that is why we target near 1,400 for completion of the move. The wave formation is not perfect as wave 4 is much bigger than wave 2, but no elliott rule is broken so we keep things simple for now. We are mildly bullish targeting 1,380-90 and with 1,320 stop.

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