Gold analysis for December 10, 2013 Trend News

Gold prices broke yesterday the downward sloping resistance trend line. Prices have most probably ended the downward move from 1,360 with a wave 5 failure (failed to produce new lows). Now our favorite scenario is that we should at least retrace the 38% of the decline from 1,360.

So as long as prices trade above 1,209, we could expect prices to reach at least 1,270, where the 38% Fibonacci retracement is. Short-term resistance is found at 1,250-58 and breaking above this level will confirm that the downward move is complete. The alternative wave scenario we have implies that prices are still within their 4th wave of bigger degree and we should expect a new low.

The more prices delay to break above 1,250-58 resistance the more possible the alternative scenario is. The more time it takes for prices to break above resistance, the more chances we have of being in wave 4 and to see new lower lows towards 1,180.

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Silver resistance between 20.50 and 21.50. Remain flat for now Trend News

Technical outlook and chart setups:

The metal is attempting a possible pullback/recovery for now. Resistance begins from 20.50/21.00 levels (which was past support), followed by 22.00 (channel resistance line), 23.00 and 25.00; while support is at sub 18.00 levels, and lower. It is recommended to refrain from buying at current levels and remain flat. The entire structure reveals that the channel resistance line needs to be broken and 23.00 level resistance taken out before it can be confirmed that a reversal is taking place. Until this event happens, the strategy should be selling rallies for target below 18.00 levels.

Trading recommendations:

Flat for now.

Good luck!

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Gold attempting a break above 1,250/60. Resistance is at 1,270/80. Trend News

Technical outlook and chart setups:

The metal still remains locked in its trading range between 1,210.00 and 1,245/50. At the moment, it is testing the upper boundary (resistance) of the trading range. It is still recommended to remain flat for now. As seen here, major resistance levels are 1,350.00, followed by 1,440.00 and higher; while support levels are 1,210.00, followed by 1,180.00 and lower respectively. Also, the metal should continue to print lower highs and lower lows till the time it is within the channel line resistance. Only a clear break above 1,300.00 and subsequently 1,350.00 would turn it bullish.

Trading recommendations:

Remain flat for now.

Good luck!

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Gold attempting a break above 1,250/60. Resistance is at 1,270/80. Trend News

Technical outlook and chart setups:

The metal still remains locked in its trading range between 1,210.00 and 1,245/50. At the moment, it is testing the upper boundary (resistance) of the trading range. It is still recommended to remain flat for now. As seen here, major resistance levels are 1,350.00, followed by 1,440.00 and higher; while support levels are 1,210.00, followed by 1,180.00 and lower respectively. Also, the metal should continue to print lower highs and lower lows till the time it is within the channel line resistance. Only a clear break above 1,300.00 and subsequently 1,350.00 would turn it bullish.

Trading recommendations:

Remain flat for now.

Good luck!

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EUR/JPY H1 analysis for December 10, 2013 Trend News

General overview for 10/12/2013 09:00 CET

The level of 38% Fibo Ext indicated yesterday has been hit along with a round number of 142.00, a new 4-year high that has been hit as well.

I have been expecting more complex correction in wave iv black, but it turned out that the market made only abc Running Flat and went higher completing another small five waves.

The level of 142.15 is now Intraday High and might be even the first important high here.

The Key Intraday level at 141.76 will play a major role in today's trading: if it gets broken, then the chances are high that the first test of previous wave iii black will happen and if fails, 141.00 is in view then.

Any price above 142.15 invalidates the count and WR1 is in view.

Support/Resistance:

142.97 - WR1

142.15 - Intraday High

141.76 - Intraday Support

141.53 - Intraday Support

141.00 - Intraday Support

140.70 - Weekly Pivot

Trading recommendations:

Small short orders should be in play with SL above the last high with TP 1 at 141.53 and TP2 at 141.00.

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EURJPY hits 142.00. No signs of reversal yet. Remain flat Trend News

Technical outlook and chart setups:

The currency pair hits fresh highs in each session; the latest is the 142.00 region. As depicted in the daily chart, the fibonacci resistance is now at 142.80 levels, which could trigger a reversal setup. For now, it is recommended to refrain from buying and remain flat. Support levels are lined up from 137.00 region, followed by 134.00 and 131.00 respectively. The entire structure reveals that a major resistance has been met between 139.00 and 142.00 (according to weekly charts). Hence, a meaningful correction should be due and short setups should materialize soon.

Trading recommendations:

Remain flat for now.

Good luck!

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EURJPY hits 142.00. No signs of reversal yet. Remain flat Trend News

Technical outlook and chart setups:

The currency pair hits fresh highs in each session; the latest is the 142.00 region. As depicted in the daily chart, the fibonacci resistance is now at 142.80 levels, which could trigger a reversal setup. For now, it is recommended to refrain from buying and remain flat. Support levels are lined up from 137.00 region, followed by 134.00 and 131.00 respectively. The entire structure reveals that a major resistance has been met between 139.00 and 142.00 (according to weekly charts). Hence, a meaningful correction should be due and short setups should materialize soon.

Trading recommendations:

Remain flat for now.

Good luck!

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GBPCHF to rally towards 1.4800 Trend News

Technical outlook and chart setups:

The currency pair is off the lows around the 1.4550 levels, and it is trading comfortably above 1.46 at the moment. It is recommended to remain long with positions taken yesterday. Lined up support levels are 1.4350, followed by 1.4200 and lower; while resistance levels are from 1.4780/1.4800 levels, followed by 1.4900 levels respectively. The wave structure reveals that the current counter trend rally should extend till at least 1.4800 levels and then reverse lower towards 1.4200 in the coming trading sessions. A more conservative trade strategy would be to initiate short positions at 1.4800 levels.

Trading recommendations:

Remain long, set stop at 1.4500

Good luck!

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GBPCHF to rally towards 1.4800 Trend News

Technical outlook and chart setups:

The currency pair is off the lows around the 1.4550 levels, and it is trading comfortably above 1.46 at the moment. It is recommended to remain long with positions taken yesterday. Lined up support levels are 1.4350, followed by 1.4200 and lower; while resistance levels are from 1.4780/1.4800 levels, followed by 1.4900 levels respectively. The wave structure reveals that the current counter trend rally should extend till at least 1.4800 levels and then reverse lower towards 1.4200 in the coming trading sessions. A more conservative trade strategy would be to initiate short positions at 1.4800 levels.

Trading recommendations:

Remain long, set stop at 1.4500

Good luck!

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