Silver: resistance at 24.80/25.00 Trend News

Technical outlook and chart setups:

Exiting short positions last week proved fruitful. Silver could be yet poised to challenge next resistance at 24.80/25.00 levels as depicted here in the daily chart. Immediate support is the 22.20/30 area, while higher resistance is 28.00. For the time, bulls are targeting 25.00 levels, before a strong pullback takes place. If long positions had been taken earlier, they can be held by moving stop to breakeven levels. Fresh long positions should be avoided for now. The overall wave structure could unfold an inverted "head-and-shoulder" after the 25.00 level is reached. Watch out for any dips after that for initiating fresh long positions.

Trading recommendations:

Flat for now.

Good luck!

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Gold rallies to 1,400.00. Bulls eyeing 1,420/25.00 before pulling back Trend News

Technical outlook and chart setups:

The metal moved above 1,400.00 last week, as it had been expected. Though it was an aggressive trade setup, there might be some steam left for bulls to rally further towards 1,425.00 before a significant retracement takes place. If long positions were initiated last week, they can be held for a final thrust towards 1,420.00. Fresh long positions should be avoided at current levels. Immediate resistance is 1,420/25.00 while support is at the 1,350/70.00 levels. Looking into the entire wave structure, if 1,420/25.00 is reached, it would indicate a major break through for bulls and the trading strategy would turn to buying on dips for a long-term rally.

Trading recommendations:

Flat for now.

Good luck!

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Gold Elliott wave analysis for August 26, 2013 Trend News

We were long on Gold from the 1,370.00 as support was held. The price formed a bullish pattern that was confirmed when 1,375.00 was broken upwards. Our first target of 1,390.00 was reached last Friday and the price continued to move higher towards 1,405.00, which was the second important resistance. The trend remains upward. The price is pulling back correctively and we expect another upleg towards 1,410-20.00 to be seen soon.

In case the bullish trend continues and pushes the prices higher, support is at 1,375-65.00 and should hold the price. We will have the first bearish signal when the price falls below the first short-term support level of 1,380.00. On the other hand, the bulls will hope for a break above 1,400.00 as it will signal that the short-term uptrend is resuming and the price will test the 1,410.00 level.

Resistance is important in the price range of 1,400-1,422.00. This is a critical price range that could cause the longer-term trend. It is very possible that if 1,370.00 is broken we will see a pullback towards 1,300-1,310.00. The bulls need to be very cautious as the upside potential is weak and the possibility of stronger correction is rising. Stop for bulls is at 1,380.00. If the price moves back up from 1,400.00 then 1,410-20.00 is sell target.

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EURJPY gaining for now. Remain long. Trend News

Technical outlook and chart setups:

In 4H chart it is depicted that the pair has formed another rising channel and is heading towards 133.00 and higher for now. The resistance level of 132.00 has been broken through and the bulls are now targeting 132.50/60 and 133.00, but after a pullback/retracement. Support levels are 129.20/30, followed by 128.00 and 125.00, respectively. It is still recommended to hold long positions for higher targets above 133.00 at least. Furthermore, intraday dips could also be with stop at 129.00. JPY crosses seem to be heading towards fresh highs in the coming trading sessions.

Trading recommendations:

Remain long, move stop from 128.00 to 129.00, target is open.

Good luck!

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



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GBPCHF pullsback from 1.4300. At Resistance levels now. Remain short Trend News

Technical outlook and chart setups:

The currency pair has bounced off the fibonacci resistance levels near 1.45/1.46 earlier while it was recommended to initiate short positions. A temporary base has formed at 1.4300/20 levels on smaller timeframes, and the trading strategy, which is selling, rallies. Hold short positions opened earlier. As it is depicted here, initial resistance is at 1.4800, followed by 1.5, while support is at 1.4 levels from here and further. Looking into the daily structure, GBPCHF's direction remains bearish and it rallies till the time the prices remains, at least, below 1.48. Furthermore, confirming trend reversal cannot take place till 1.5, which remains intact. Looking lower for now.

Trading recommendations:

Remain short, set stop above 1.47, target is open.

Good luck!

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For detail explanation and best discovery on market trends you may visit via GBPCHF pullsback from 1.4300. At Resistance levels now. Remain short . Thanks for your support on GBPCHF pullsback from 1.4300. At Resistance levels now. Remain short