Silver remains buy-on-dips. 21.30/50 levels of interest Trend News

Technical outlook and chart setups:

The metal has rallied ahead and taken off the resistance at 22.50 levels as seen here. Minimum implications from here, is a retracement towards the 21.30/50 levels, before the next bull leg begins. It is recommended to remain flat for now and wait for the pullback to materialize. Initial resistance fro here is at 23.50, followed by 24.50 and 25.00; while strong support begins from 20.50, followed by 19.00 and 18.00 respectively. The 21.30/50 level is confluence of the following:

1. The fibonacci 0.618 support of rally from 20.50.

2. Back side of the dropping trend line which is support now.

3. Potential right shoulder of an inverted head and shoulder reversal.

Trading recommendations:

Remain flat for now. Look to buy lower.

Good luck!

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Gold remains buy-on-dips towards 1,290-1,300. Trend News

Technical outlook and chart setups:

The metal inched a little further towards the 1,350.00 levels yesterday. Implications from here are to wait for a retracement towards the 1,290/1,300 levels before going long again. Immediate resistance is at the 1,350.00 levels, followed by 1,375.00, 1,410.00 and higher up; while major support begins from 1,250.00 levels, followed by 1,210.00 and 1,180.00 respectively. The 1,290.00 levels is confluence of:

1. Fibonacci 0.618 support of the recent rally from 1250.00.

2. Back side of the dropping trend line, which is support now.

3. A potential right shoulder of a possible head and shoulder reversal.

Trading recommendations:

Flat for now. Preparing to go long lower towards 1,290.00.

Good luck!

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EURJPY retracement continues. 1.32 level of interest Trend News

Technical outlook and chart setups:

The currency pair has reversed sharply from the highs at the 135.50 levels as depicted here. At the moment, the prices seem to be bouncing off the 0.382 fibonacci support levels, but still further downside could be expected towards 132.70/80. As seen here, it is the fibonacci 0.618 support of the recent upswing from 131.00 to 135.50. Intermediary support is at the 132.00 levels, followed by 131.00, 129.00 and lower; while intermediary resistance is fixed at the 135.50 levels respectively. It is recommended to remain flat for now and await a meaningful retracement towards at least the 132.00 levels before committing on the long side.

Trading recommendations:

Remain flat for now.

Good luck!

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GBPCHF bounces from 1.44 levels. Trend News

Technical outlook and chart setups:

The currency pair is seen bouncing off right from the 0.618 fibonacci support as depicted here. It is recommended to hold taken earlier long positions and add further as well. Initial support begins from 1.42, followed by 1.4075 and lower; while intermediary resistances are lined up from the 1.46 levels,followed by 1.48, and strong resistance is placed at 1.5 respectively. The overall structure depicts that a bullish bounce from here would take prices to the 1.49 levels. Please note that 1.49 is also the fibonacci 0.618 retracement of the entire fall from 1.54 to 1.40 as well. A bearish reaction should be expected there. Looking higher at the moment.

Trading recommendations:

Remain long, stop is below 1.43, target is at 1.49.

Good luck!

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USD/CAD intraday technical levels and trading recommendations for October 24, 2013 Trend News

Four months ago, a prominent bottom was established around 1.0260. This happened after the pair found strong bearish pressure around 1.0555-1.0600, this was followed by intensive bearish momentum that led to 1.0254.

An important key level was located around 1.0505. This was the key level for the last week's movement as the re-closure below it enabled the pair to break down 1.0455 as well, where the lower limit of the depicted consolidation range was located.

The nearest support zone is located around 1.0250. On September 19, the pair expressed a false breakdown reaching 1.0180 where obvious bullish rejection was expressed to get the pair back above 1.0250 again on Thursday, resulting in a bullish hammer weekly candlestick. Since then, the pair has been consolidating within narrow range between 1.0260-1.0340, until we had a bullish breakout at the daily closure of October 8.

Two weeks ago in the absence of important economic data (and no NFPs) from the United States, the market focused on Canada's employment report released on Friday which lead to bearish retracement again towards 1.0340 then 1.0280 (the most recent demand zones).

Bullish momentum was expressed earlier last week until Wednesday when the pair expressed two bearish engulfing daily candlesticks that brought the pair back to retest the lower limit of the ongoing channel around 1.0280.

The price level around 1.0465 remains the nearest considerable resistance for the pair as long as price zone of 1.0335-1.0260 remains defended by the bulls. A valid sell entry is recommended at retesting with SL located above 1.0500.

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#USDX analysis for October 24, 2013 Trend News

The Dollar index continues to make lower lows and lower highs. However, it is very near the resistnce trend line as shown in the chart below. If prices break above 79.40, we should expect a bigger upward bounce towards 79.65-80. If prices do not manage to make a break out above the trend line, then we should expect prices to make new lower lows near 79.

Our view remains bearish as all downward moves are impulsive and upward moves are overlapping and of corrective nature. Short-term traders could go short with the 79.40 stop and the 79 target.

Nothing has changed regarding the longer-term trend. Prices continue lower as trend in the daily chart remains downward. The slope of our Moving averages remains negative. There is increased probability that the decline from 80.75 is a 5 wave down complete move and there is also increased probability of a bigger than normal upward bounce, maybe towards 80. So bears need to be very cautious and use tight stop loss levels at 79.35-40.

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Gold Elliott wave analysis for October 24, 2013 Trend News

Gold short-term trend remains upward. Short-term support is found at 1,328 and at 1,310. Short term resistance is found at 1,343 and 1,375. As long as prices do not make a new high above 1,343, then blue wave count is most possible one. If prices make a new higher high, then red wave count is our favorite and blue count is invalidated.

The red trendline support is important for the short term trend. If prices break it, then we could go short with the 1,339 stop and the 1,310-15 target. Prices, however, could fall further towards 1,300-1,290 if they are making a correction of the entire upward move from 1,250.

This upward break out is not the same as the previous big upward moves, pointed out in the daily chart above. It seems that prices have more chances to continue higher towards 1,350-75 at least. As long as prices trade above 1,328, we remain long with the 1,350 first target. Breaking above resistance at 1,343, then we will have more chances to see 1,350-75.

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