Silver bounces right at 0.618 Fibonacci retracement. Trend News

Technical outlook and chart setups:

The metal fell down to expected levels at 21.00, before bouncing off sharply. It is very much recommended to hold long positions taken now and earlier. The minimum upside extensions are pointing towards 24.75 levels from here on. Intermediary support levels are 20.50, followed by 19.00 and sub 18.00 levels; while resistance is spread through 23.30/40 levels, followed by 24.50 and higher up. The structure is unfolding well, as an inverted head and shoulder reversal; with right shoulder being carved out at sub 21.00 levels.

Trading recommendations:

Remain long, stop at 20.50, target is at open.

Good luck!

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Gold bounces just shy of 1,290.00. Remain long. Trend News

Technical outlook and chart setups:

The metal fell down to the expected region between 1,290/1,300 before bouncing back sharply. As recommended earlier the metal has been bought in full capacity and long positions should be held for an upside extension 1,400/30 levels at least. Intermediary support region is 1,250.00, followed by 1,210.00 and 1,180.00; while resistance levels are spread through 1370/75 levels, followed by 1410.00 and higher up to 1440.00 respectively. The overall structure looks set to unfold as a head and shoulder reversal, with right should being carved out at 1290/1300.

Trade Recommendations:

Remain long, stop 1260.00, target open.

Good luck!

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EURJPY breaks trendline support. 131.00 still holding Trend News

Technical outlook and chart setups:

The currency pair has finally broken the immediate rising trend line support and has moved lower almost taking 131.00 levels. If stopped out, it is recommended to initiate sell positions after a rally now. As seen here, the broken line of support would act as resistance for any rallies from here on; around 132.75 region. Resistance levels are spread through 133.70/80 levels, followed by 135.00; while support levels are spread through 131.00, followed by 129.00 and lower. It is recommended that short positions should be initiated after a rally materializes.

Trading recommendations:

Initiate short positions around 13.75/133.00, stop at 134.00, target is open.

Good luck!

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



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Gold analysis for November 8, 2013 Trend News

With the ECB rate cut providing volatility in the markets, Gold was not unaffected by it. Gold prices reached the resistance level at 1,325 once the rate cut decision was announced, and then pulled back down below the recent low at 1,306 towards 1,295 which was the middle of our next target (1,300-1,290).

The downward move was very fast and only lasted for a couple of hours. From then on, prices are sliding upwards above 1,300 again. Important levels to watch now are 1,325 and 1,290.

The longer-term picture is favorable for bulls for the time being. The decline looks corrective and has stopped just above the 61,8% Fibonacci retracement. If prices break below that retracement, then the bullish scenario will still be valid, but with much lower chances. The first thing bulls will need to watch out are the support at 1,290, and will then need to break above the resistance at 1,325. Once the resistance is broken, our next level to watch is the recent high at 1,360. Bears, on the other hand, will feel comfortable, as long as prices trade below 1,325. They need prices to break below 1,290 in order to diminish the bullish scenario chances.

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GBPCHF hits 1.48 and retreats. Book partial profits on longs Trend News

Technical outlook and chart setups:

The currency pair has raised through the 1.48 levels as expected and discussed earlier. It is recommended to book partial profits on long positions initiated earlier and also move risk to breakeven levels. Higher side extensions are still pointing towards the 1.4900/30 levels, before the major reversal could materialize. Support levels are spread through the 1.44/4380 levels, followed by 1.42 and 1.4075; while resistance is fixed at 1.5 (major). The entire structure could be unfolding as the major retracement, towards 1.49, before dropping down below the swing lows formed around 1.4 several months ago. Looking higher for now, before the reversal occurs.

Trading recommendations:

Book partial profits on long positions taken earlier, move stop loss to breakeven, target is at 1.49.

Good luck!

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



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