Technical analysis of EUR/JPY for June 5, 2014 Trend News

General overview for 05/06/2014 06:50 CET

The corrective wave structure is developing in the anticipated way, creating a downward wave B black. Currently, there is one more wave missing to complete the irregular flat correction. However, please notice that it does not mean the whole wave B black will be completed as the corrective cycle might get more complex and become more time-consuming. Any breakout above the level of 139.95 is bullish and a potential corrective cycle would be over then.

Support/Resistance:

140.11 - WR2

139.86 - 139.95 - Technical Resistance

139.49 - WR1

139.47 - Intraday Resistance

139.10 - Intraday Support

138.73 - Weekly Pivot

Trading recommendations:

Short orders advised yesterday should be still kept open with the target at the level of 139.10.

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Technical analysis of NZD/USD for June 05, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with bearish bias after hitting three-month low at 0.8400 on Wednesday. It is undermined by the weak dairy milk prices, Kiwi sales on buoyant AUD/NZD cross and positive USD sentiment. But NZD/USD losses are tempered by the Kiwi demand on NZD/JPY cross amid reduced risk aversion and NZD-USD interest differential. Daily chart is negative-biased as MACD and stochastics are bearish. Although the latter is at oversold zone, 5 day moving average is declining.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.84. A breach of this target will move the pair further downwards to 0.8350. The pivot point stands at 0.8475. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.85 and the second target at 0.8515.

Resistance levels:

0.85

0.8515

0.8550

Support levels:

0.84

0.8350

0.83

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Technical analysis of NZD/USD for June 05, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with bearish bias after hitting three-month low at 0.8400 on Wednesday. It is undermined by the weak dairy milk prices, Kiwi sales on buoyant AUD/NZD cross and positive USD sentiment. But NZD/USD losses are tempered by the Kiwi demand on NZD/JPY cross amid reduced risk aversion and NZD-USD interest differential. The daily chart is negative-biased as MACD and stochastics are bearish. Although latter is at oversold zone, 5 day moving average is declining.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.84. A breach of this target would move the pair further downwards to 0.8350. The pivot point stands at 0.8475. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.85 and the second target at 0.8515.

Resistance levels:

0.85

0.8515

0.8550

Support levels:

0.84

0.8350

0.83

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Technical analysis of GBP/JPY for June 05, 2014 Trend News

GBP/JPY

The pair has been in an uptrend from 169.53 levels. In yesterday's session, it was moved to 61.8 fib levels. Today in Asia's session, it halted at 171.97 and moved to lower levels. As of now, the pair has taken the support from 50day SMA and 50.0 fib levels. The trading activity is fixed between 50.0-61.8 fib levels. The pair looks safe to buy above 171.35 for 172.35 and 172.75 levels. It also looks weak below 171.34 for 171.25, 170.50 levels.

For intraday , the pair favors selling at 171.45, 171.25 and 171 levels. The hourly momentum oscillators favors to sell side.

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Technical analysis of USD/CAD for June 05, 2014 Trend News

The pair has been in an uptrend from 1.0814 levels. In yesterday's session, it crossed the 50 day SMA and slightly closed below it. During today's Asian session, it holds the 50day SMA and is moving towards the 61.8 fib level 1.0960. We expect a fresh buy only above 1.0960 for 1.0990, 1.1007 and 1.1030 levels. On the down side, if the pair is unable to breach the 61.8 fib level (1.0960), it has supports at 1.0939 , 1.0907 and 1.0891 levels.

For intraday session, the hourly oscillators are indicating an overbought sign. Until the pair sustains above the 1.0960 levels, traders can look at the downside, support levels 1.0940 and 1.0933 levels. Safe traders can enter shorts below 1.9033 for 1.0924 and 1.0917 levels. It would extend the fall below 1.0917 to 1.09071.0891 and 1.08770 levels.

From the above analysis, we recommend the following:

Buy above 1.0960

Sell below 1.0933

Speculators sell with sl 1.0960 cmp 1.0955

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Technical analysis of GBP/USD for June 05, 2014 Trend News

The UK services PMI rose more than forecasted to 58.6, but down compared to previous month 58.7. Overall the UK services sector gave an upbeat in the economy. Today traders will eye on BoE interest rate decision.

The cable has been rejected from the 50 day SMA. On the down side, the pair has support at 1.6693 (May 29, low) and 1.666 levels. The panic button would trigger below 1.666 and it the pair is likely to extend its fall to 1.6620, 1.66, 1.6554 and 1.6465 levels. Traders do not need to worry until the pair breaks the 1.666 level. Until the pair closes above the 50day SMA, the bears will have an upper hand. On the upside, the initial resistance is between 1.6770-1.6780. Above these levels, it is seen to fly up to 1.68 and 1.6815. On a positional basis, the cable favors selling on rallies. The weekly RSI supports my view.

In Asia's session, the cable is trading at 1.6744 levels and is facing resistance at 1.6758 and 1.6770 (50hour SMA) levels. The cable would gain some strength only above 1.6782 levels. If the pair crosses it, it is seen to spike up to 1.6825. On the down side, the pair looks weak below 1.6734 level. It has support below 1.6734 at 1.6726, 1.67 and 1.6690 levels. It would fall to the 1.666 level below 1.6690.

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Technical analysis of EUR/USD for June 05, 2014 Trend News

When the European market opens, some economic news will be released such as German Factory Orders m/m, Retail PMI, Retail Sales m/m, French 10-y Bond Auction, and Minimum Bid Rate.The US will release the economic data too such as the Challenger Job Cuts y/y, Unemployment Claims, Natural Gas Storage, so amid the reports, EUR/USD will move with medium volatility today.

Today's technical levels:

Breakout BUY Level: 1.3668.

Strong Resistance:1.3660.

Original Resistance: 1.3647.

Inner Sell Area: 1.3634.

Target Inner Area: 1.3602.

Inner Buy Area: 1.3569.

Original Support: 1.3556.

Strong Support: 1.3543.

Breakout SELL Level: 1.3535.

Description:

Today EUR/USD has support and resistance at 1.3556 and 1.3647. The rate is accompanied by strong support at 1.3543 and by 1.3660 as strong resistance.

If EUR/USD breaks out and closes below the 1.3535 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3668 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3569 and a SELL position at 1.3634. In this case both targets should be placed at the level of 1.3602.



Best regards,

Arief Makmur

Official Analyst of InstaForexGroup

InstaForex Group http://instaforex.com

email: Arief.jakarta@indo.instaforex.com

For more analysis, please go to: blog.mt5.com/arief

My profile: http://www.mt5.com/forex_analysis_award/profile/index/arief

Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for June 05, 2014 Trend News

In Asia, Japan will release the 30-y Bond Auction and the US will release some economic data such as Challenger Job Cuts y/y, Unemployment Claims, and Natural Gas Storage. So there is a big probability that the USD/JPY will move with low to medium volatility today

Today's technical levels:

Resistance. 3: 103.13.

Resistance. 2: 102.93.

Resistance. 1: 102.73.

Support. 1: 102.48.

Support. 2: 102.28.

Support. 3: 102.08.

Description:

Please, pay attention to the levels of support 3 (102.08) and resistance 3 (103.13). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips. However, if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.



Best regards,
Arief Makmur

Official Analyst of InstaForexGroup

InstaForex Group http://instaforex.com

email: Arief.jakarta@indo.instaforex.com

For more analysis, please go to: blog.mt5.com/arief

My profile: http://www.mt5.com/forex_analysis_award/profile/index/arief



Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Near-term forecast and intraday recommendations for EUR/USD for June 05, 2014 Trend News

EUR/USD weekly key support level at 1.3477 on a closing basis

The Spanish services PMI fell more than expected to 55.7 from 56.5, while the Italian services PMi rose to 52.9 from 51.5. The pair has been trading in a range between 1.3650-1.3588 levels. In yesterday's session, the pair was rejected at 200day SMA and again pushed to 1.36 levels. In the daily chart, the RSI is still consolidating at the lower levels. On the down side, we expect the strong support level at 1.3559 (50week SMA). In case it is broken, the pair is likley to drift towards 1.3410 (200week EMA) between support levels at 1.3520 (lower Bollinger band) and 1.3477.

On the upside, the resistance is at 1.3620 and 1.3650. Crosses above this level would push the pair to 1.3670 and 1.3734. A weekly close below the 1.3477 (channel support) is not good for long positions. Bulls should close above 1.3477 this week.

For intraday traders, the pair opened in a minor bullish note in Asia's trading session. It looks weak below 1.3598, so it may drift up to 1.3586 and 1.3560 levels. Below 1.3560 the weakness is likely to double and extend its fall up to 1.3520. The panic button would trigger below 1.3520 for 1.3477 and 1.3410/1.3380. On the upside, it the pair breaks the upper trend line (R1), it can spike up to 1.3670 and 1.37. The upside trend change would take place only after the pair closing above 1.367 and bulls back on track above 1.3735 levels.

Sell below 1.3477 target 1.3410 and 1.3380

Risky traders can buy at 1.3520 sl 1.3477

Short-term: sell on the rallies

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Daily analysis of USDX for June 05, 2014 Trend News

Daily chart: The USDX is about to break out the level of 80.62, so it is very likely that at the end of this week the USDX will consolidate above this resistance level. For now, the nearest target for the USDX is the resistance level of 81.50. The MACD indicator is entering overbought area.

H4 chart: The USDX continues moving in a low range, waiting for important news from the U.S. on Friday. In this chart, the USDX is trying to make a breakout on the resistance level of 80.60. If successful, it is expected to rise to the level of 81.25. The MACD indicator is in neutral territory.

H1 chart: The USDX has established again above the level of 80.59, so the next target for the USDX is the resistance level of 80.73. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.93, so the bullish outlook remains valid. The MACD indicator is in the overbought zone.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 80.73, take profit is at 80.93, and stop loss is at 80.53.

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Daily analysis of GBP/USD for June 05, 2014 Trend News

Daily chart: This pair has made a strong pullback in the resistance level of 1.6766 and GBP/USD came close to touching the support level of 1.6663. If GBP/USD manages to break out that level, it would be expected to fall to the support level of 1.6663. For now, caution is recommended when placing orders. The MACD indicator is in negative territory.

H4 chart: The GBP/USD continues to find resistance at the 1.6762 level. Now this pair is trying to make a breakout in the support level of 1.6731. If successful, it is expected to fall to the support level of 1.6683. However, the GBP/USD stays below the 200 SMA. MACD is entering neutral territory.

H1 chart: The GBPUSD has made a pullback to the 200-day moving average, so now this pair is consolidating below the resistance level of 1.6750. If the pair manages to break out in the support level of 1.6700, it's expected to fall to the level of 1.6629, which is still very likely. The MACD indicator is in negative territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6700, take profit is at 1.6629, and stop loss is at 1.6770.

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Technical analysis of AUD/USD for June 5, 2014 Trend News

Overview :

• The AUD/USD pair's sharp rise from the level of 0.9230 has extended further to 0.9270 and closed at 0.9276 yesterday. Likewise, the price has placed above 50% of Fibonacci retracement levels since last week. Furthermore, it should be noted that the price had formed a strong support at the price of 0.9230. Equally important, this strong level has still been trapped between 50% of Fibonacci retracement levels and 61.8% in H4 chart. Consequently, it is probable that the market will start showing bullish signs again in order to indicate a bullish opportunity at the level of 0.9233 with a first target of 0.9290, and continue towards 0.9340. Notwithstanding, the bulls were forced to pull back below the level of 0.9345; therefore, this level will be strong resistance for indicating the bearish opportunity below resistance. As a result, it will be a good sign to sell below 0.9345 with a target at 0.9300. It also might resume to 0.9266 on June 5, 2014. Otherwise, the stop loss should set at 0.9365.

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Technical analysis of USD/CAD for June 5, 2014 Trend News

Overview :

• The market of the USD/CAD pair is continuing to show signs of strength following the break at 1.0870. The new support had set at 1.0870. This support is coinciding with the ratio of 11% Fibonacci retracement levels. Therefore, the trend's resistance broke and turned to support yesterday. Another thought is that the price broke the EMA(100) in order to hold an uptrend from the level of 1.0870. Also, it should be noticed that the USD/CAD pair has already formed a minor resistance at the level of 1.0980; so the range will be over bewteen 1.0870 and 1.0980 levels from now. Accordingly, the market is going to indicate a bullish opportunity at the level of 1.0870 with a first target of 1.0940 and continue towards 1.0980. At the same time, if the trend breaks this level and closes below 1.0980, it will call for downside momentum. It is rather convincing since the structure of the fall doesn't look corrective. Thereupon, the market will indicate a bearish opportunity at 1.0980. Hence, it will be a good sign to sell at this level in the short term.

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Technical analysis of USD/JPY for June 04, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with the bullish bias after hitting one-month high at 102.56 this morning. It is underpinned by the weaker JPY sentiment on comments from Bank of Japan Gov. Kuroda that the BOJ won't hesitate to take action if risks to central bank's 2% inflation target materialize, and that there are ways to further ease monetary conditions, news that Japan's $1.2 trillion Government Pension Investment Fund will consider raising its allocation of stock investments. USD/JPY is also supported by the stronger-than-expected +0.7% increase in U.S. April factory orders (versus +0.6% forecast), rise in ISM-New York current business conditions index to 55.3 in May from 50.6 in April, rise in U.S. IBD/TIPP Economic Optimism Index to 47.7 June from 45.8 in May and higher U.S. Treasury yields; demand from Japan importers. But USD/JPY gains are tempered by the Japan exporter sales and broadly weaker USD undertone (ICE spot dollar index last 80.54 versus 80.63 early Tuesday) and diminished risk appetite (VIX fear gauge rose 2.5% to 11.87, S&P 500 slipped 0.04%, DJIA off 0.13% overnight) as caution sets in ahead of Thursday's European Central Bank's interest rate decision and Friday's U.S. non-farm payrolls report.

Technical comment:

Daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average is above 15-day MA and is advancing.

Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 102.80 and the second target at 103.10. In the alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 102.25. A breach of this target will push the pair further downwards and one may expect the second target at 102. The pivot point is at 102.45.

Resistance levels:

102.80

103.10

103.45

Support levels:

102.25

102

101.75

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Technical analysis of USD/CHF for June 04, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with risks skewed lower. It is undermined by the broadly softer USD undertone and franc demand on buoyant CHF/JPY cross amid weak yen sentiment and franc demand on retreating EUR/CHF cross. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy stance. Daily chart is mixed as MACD is bullish, but stochastics is turned bearish at the overbought zone, inside-day-range pattern was completed on Tuesday.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8935. A breach of this target will move the pair further downwards to 0.8920. The pivot point stands at 0.8980. In case the price moves in the opposite direction and bounces back from the support level, and then it moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8995 and the second target at 0.9010.

Resistance levels:

0.8995

0.9010

0.9035

Support levels:

0.8935

0.8920

0.8885

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Technical analysis of GBPJPY for June 04, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate with bullish bias. It is supported by the weak yen sentiment and demand from Japanese importers. But GBP/JPY gains are tempered by Japan's exporter sales and diminished investor risk appetite. Daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average is rising above 15-day MA.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 172.30 and the second target at 172.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 170.70. A breach of this target will push the pair further downwards and one may expect the second target at 170.20. The pivot point is at 171.20.

Resistance levels:

172.30

172.75

173.15

Support levels:

170.70

170.20

168.75

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Technical analysis of NZD/USD for June 04, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with bearish bias after hitting near-three-month low at 0.8415 on Tuesday. It is undermined by the sharp 8.5% drop in prices for whole milk powder New Zealand's main dairy export at Fonterra's GlobalDairyTrade auction overnight, Kiwi sales on buoyant AUD/NZD cross, and receding investor risk appetite. But NZD/USD losses are tempered by the improved outlook for China's economic growth, Kiwi demand on NZD/JPY cross amid weak yen sentiment, broadly softer USD undertone and NZD-USD interest differential. Daily chart is negative-biased as MACD and stochastics are bearish, although latter is at oversold zone, five and 15-day moving averages are declining.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.84. A breach of this target will move the pair further downwards to 0.8350. The pivot point stands at 0.8475. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.85 and the second target at 0.8515.

Resistance levels:

0.85

0.8515

0.8550

Support levels:

0.84

0.8350

0.83

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Elliott wave analysis of EUR/NZD for June 4, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6285

R2: 1.6235

R1: 1.6200

Current spot: 1.6166

S1: 1.6120

S2: 1.6105

S3: 1.6075

Technical summary:

We have finally seen the break above resistance at 1.6179, which confirms that an important long-term bottom was found at 1.5744. We will now be looking for a break above the base-channel resistance line near 1.6215 as that will accelerate prices higher in wave three towards the next major target at 1.6285 and higher.

In the short term support at 1.6120 will ideally protect the downside for the break above the base-chanel resistance line, but if support at 1.6120 is broken, it will only delay the next rally higher.

Trading recommendation:

Stay short in EUR from 1.5858 and move stop higher to 1.6075. If you are not long in EUR yet, then buy EUR near 1.6120 or upon a break above 1.6235 with the same stop at 1.6075.

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Elliott wave analysis of EUR/JPY for June 4, 2014 Trend News

Today's Support and Resistance levels:

R3: 141.55

R2: 140.94

R1: 140.08

Current spot: 139.68

S1: 139.49

S2: 139.07

S3: 138.68

Technical summary:

The correction from 137.97 has extended, but as long as important resistance at 140.08 stays untouched, we will continue to regard this rally as an correction. In the short term we will be looking for a break below support at 139.49 as the first good indication, that the correction is over, while a break below support at 139.07 confirms that a new impulsive decline is building for a decline to 137.97 on the way lower to 137.21 and likely even 136.56 as the next major downside targets.

If however, important resistance at 140.08 is broken, then we will be forced to change our immediately bearish count to a B-wave triangle consolidation.

Trading recommendation:

Our stop at 139.90 was hit and we will sell EUR upon a break below support at 139.49 with a stop at 140.15.

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Technical analysis of USD/CAD for June 4, 2014 Trend News

General overview for 04/06/2014 10:20 CET

The impulsive wave progression looks completed and downward corrective cycle is being expected currently on this pair. The deeper the correction goes, the bigger the probability that the running flat (a)(b)(c) correction has been completed and impulsive wave progression to the downside is starting. The key level for such an event is at the level of 1.0890. The potential shape for the correction is so far unknown.

Support/Resistance:

1.0941 - Wave (c) Top

1.0936 - WR3

1.0921 - Intraday Support

1.0911 - WR2

1.0890 - Key Level

1.0874 - WR1

1.0846 - Weekly Pivot

Trading recommendations:

Daytraders might consider going short from the current price levels with SL above the level of 1.0941 and TP at the level of 1.0921 with a possible extension downside to the level of 1.0911.

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Technical analysis of EUR/JPY for June 4, 2014 Trend News

General overview for 04/06/2014 09:30 CET

The situation on EUR/JPY on bigger time frames like daily and weekly is not so simple as it seems to be. After spending some time on more detailed analysis the conclusion is two counts with a major difference between them: the placement of wave 1 top. Another slight difference between the counts is in wave 4 purple placement: is it finished or not? This is why there are two counts now available with the main one tracing the wave progression on wave 4 purple as there are two more waves missing to complete the triangle, and the alternate one with big wave 1 blue top in place at the level of 145.70. The invalidation of the main count (ABCDE triangle wave 4) comes with the level of 135.46 violation. The invalidation of the (W)(X)(Y) complex correction wave 2 comes with the level of 137.97 violation. On lower time frames the impulsive wave development to the upside looks finished as the top for wave A black seems to be in place now and the corrective downward progression is expected now.

Support/Resistance:

140.16 - WR2

139.86 - 139.94 - Technical Resistance

139.49 - WR1

139.47 - Intraday Support

139.35 - Technical Support

139.07 - Wave 4 red Low

138.74 - Weekly Pivot

Trading recommendations:

Daytraders might consider going short from the current price levels with SL above the level of 140.00 and TP at the level of 139.47 with a possible extension downside to the level of 139.07.

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#USDX Technical analysis for June 4, 2014 Trend News

The Dollar index remains in up trend making higher highs and higher lows. Price is trending up above the Ichimoku cloud and is now testing the important resistance area of 80.60-80.70. A clear break above this area will be a very bullish sign that could sharply push the index towards 81.

Bulls will need to keep an eye on the support levels of 80.40 and 80.30. Breaking these two levels will start a downward move in the index that could push price below 80. If these two levels are broken, then price will also be below the Ichimoku cloud support and it could be heading towards 79.85.

The daily chart remains bullish as there is no sign yet of a reversal. However bulls would also like to see a clear break out above the upward sloping trend line that is working like a magnet. Ichimoku cloud support is far below at 79.80 and that is why bulls should be very cautious as long as there is no clear break out of the resistance at 80.70.

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Gold technical analysis for June 4, 2014 Trend News

Gold price remains in sideways short-term consolidation above the $1,240 support level. I expect soon to see a break out. I give more chances to see an upward break out towards $1,264 and then towards $1,280.

Gold price is below Ichimoku cloud resistance and in down trend. However I believe it is oversold and a break out above $1,250 will signal a bounce starting towards the 38% retracement first and secondly towards the 61.8% retracement. A pull back should soon be expected in Gold price. However if price breaks below $1,240, we should see price move towards $1,230-20.

I still believe that bears should either take profits or lower their stops to protect their positions. If there will be any more downside the potential is not big. I do not see Gold price make a move lower than $1,200. I believe the support of the 76.4% Fibonacci retracement at $1,230 will provide strong support.

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