Silver bounces off 0.618 at 21.20/50. Follow up required now Trend News

Technical outlook and chart setups:

Silver produced bullish bounce from 0.618 Fibonacci support levels last week. At the moment, it is re-testing the same support level, before rallying towards 24.20/40 levels atleast. Intermediary resistance is at 25.00 level; while support is at 21.00 level respectively. A push lower would bring 20.40/50 levels into focus and a break there would turn extremely bearish. Overall structure suggests of a temporary rally (wave 3) into sub 24.00 level before turning lower again.

Trading recommendations:

Remain long, stop is below 21.00, target 24.50 at least.

Good luck!

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Gold has tested backside of the support line. 1,270 remains key Trend News

Technical outlook and chart setups:

The yellow metal has done the following in past few trading sessions:

1. Broken the channel/support line.

2. Rallied back and tested the support turned resistance region around 1,380.00 level.

3. Support at 1,270.00 still remains intact.

Possibilities from here are:

1. Consolidation at current level and then continued rally. 1,405/10 region will be acting as strong resistance though.

2. In case of 1,270.00 break, the metal would turn towards fresh lows and selling rallies would be favored.

Trading recommendations:

Remain long, stop is below 1,270.00.

Good luck!

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EurJpy may print another high. Stay long for now and reduce risk Trend News

Technical outlook and chart setups:

The single currency pair finally prints fresh highs close to 135.00 level last week, as expected. It is recommended to remain long, and reduce risk to 131.50 level. At the moment, the prices are finding support just ahead of the past resistance turned support region around 133.20/30 (horizontal line). It remains likely that further rally would see the prices hitting fresh highs, before a possible reversal. Resistance intermediary is at 134.70/80 region, while support is at 133.20/30 region, followed by 131.75 respectively. Overall structure still remains constructive for the bulls, look higher levels from here on. On the flip side, a break below the initial support of 131.70/75 would change out trading strategy.

Trading recommendations:

Remain long, stop is at 131.50, target fresh high.

Good luck!

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GbpChf: Pullback might be over around 1.4550 Trend News

Technical outlook and chart setups:

The single currency pair pulled back from recent swing highs (from 1.4800 level). At the moment it looks like the retracement/pullback may have completed around sub 1.4540/50. This level is also re-enforced by past resistance turned turned support region of the rally that had begun from 1.4070 level earlier. Immediate intermediary resistance is at 1.48 level, followed by 1.50 level; while support extends to 1.42 level followed by 1.4 respectively. It is recommended to book profits on short positions if taken earlier and also plan to initiate long positions. Looking into the overall structure, this rally could possibly extend itself to 1.49 level before reversing, kindly note that Fibonacci 0.618 resistance of the entire fall from 1.54 level to 1.4 is also around 1.49.

Trading recommendations:

Book profits on short positions if taken earlier. Initiate long positions now. Stop is below 1.45, and target is at 1.49.

Good luck!

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#USDX analysis for September 23, 2013 Trend News

The Dollar Index has not made much improvement to the upside and has only moved in a corrective pattern sideways towards the downward channel boundaries. This brings resistance levels lower and soon will be put to the test. Most probable outcome will be for the Dollar Index to make a new lower low towards 80, but we should not exclude any upward surprise specially if the short-term resistance at 80.65-50 is broken upwards.

The prices continue to trade within the downward sloping channel and if the bulls want to have even the slight chance of trend reversal, the index will first need to break above 80.65 and then move above 81.45. Trend remains down and short-term support is found at 80.20. Short positions at 82.40-45 are favored with 82.65 stop and target near 80 or even a new low at 79.90.

The daily picture remains ugly and re-enforces our view that a new low should be expected as the downward pressures are most probably only making a pause. More selling pressures are expected for the Dollar Index that will put the low at 78.85 to the test. Support in the daily chart is found at 79.20-78.85 and resistance at 81.60-82.15. Concluding we prefer short positions as long as the prices trade below 80.65 with 80 as the first target.

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Gold Elliott wave analysis for September 23, 2013 Trend News

Our bearish view on Gold got confirmed and brought us profits as our targets were reached. Early on Monday Gold has tested the 1,300 support and now is trading near 1,327. The pullback down was expected and since the lows are not broken the bulls can be confident of another upward move. Since the low at 1,291 was not broken we can talk about a possible upward move expectation that would test the previous highs at 1,375.

Gold has retraced a bit more than the 61.8% Fibonacci retracement and we can now say that it has ended the downward correction. If the prices do not break below 1,300-1,291 level, then we could see an upward move towards 1,365 or even 1,430. First short-term resistance is found at 1,342 and then at 1,365. Support is found at 1,309-1,300 and 1,291.

The bulls could use the lows as stop to enter long positions with 1,370 as the first target. Adding to longs above 1,342 could be wise in order to manage better potential risk of failing support at 1,309 if our view is not confirmed. Long-term support is found at 1,270-90 area and that is why we could justify an upward move from these levels. We are now neutral to the bulls as long as the prices trade above 1,300 targeting 1,370. If support fails then we should expect the low at 1,272 to be tested.

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