06/16/15 ~ Best and Easy Analyst News

Tuesday 16 June 2015

Elliott wave analysis of EUR/JPY for June 17, 2015 Market Analysis Review

Technical summary:

We did see a break above minor resistance at 139.61, but we did not see the expected acceleration higher in blue wave iii. As long as support at 137.98 protects the downside, we will be looking for more upside pressure, a break above minor resistance at 139.19, and more importantly a break above resistance at 140.00 for a rally to 141.06 on the way towards 144.03.

Only an unexpected breakout below 137.98 will delay the expected upside pressure and call for a move closer to 137.00 before renewed upside pressure can be expected.

Trading recommendation:

We are long EUR from 138.10, with stop place at 137.85. If you are not long EUR yet, upon a break above 139.19 with the same stop at 137.85.

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For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for June 17, 2015 . Thanks for your support.

AUD/CHF about to make a move Market Analysis Review

The AUD/CHF pair has been trading downwards since April 29. At the same time, the pair failed to reach any new highs, thus confirming the downtrend validity.

It is clear that the rate is heading down within the descending channel. The upper trendline of the channel has been rejected on June 15. At the same spot, the pair rejected the 50% (R2) retracement level, of the Fibonacci applied to a high of 0.7479 hit on May 14 and a low of 0.7060 hit on June 9.

The trend is bearish and could be on the way to trade in the next 48 hours considering sell near R1 (0.7230). The downside target is 161.8% Fibs that is applied to a low of 0.7208 hit on the May 7 and a high of 0.7479 reached on May 14. A break above R2 (0.7277) will invalidate these analysis.

Support: 0.7171, 0.7076, 0.7042

Resistance: 0.7230, 0.7277, 0.7325

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Daily analysis of USDX for June 17, 2015 Market Analysis Review

The USDX is still dealing with the support level of 94.66, because the Index wants to do a rebound at current levels in order to ride the overall bullish trend in the medium and long term. Also, the 200 SMA is still slightly bullish, so the view is pointing to the upwards. However, be cautious with a possible breakout of the level of 94.66.

On the H1 chart, the USDX is showing a sideways structure below the resistance level of 95.15. This could be an indication of strength in the short-term bearish bias, but we should see first a confirmation, which would be the breakout of the support level of 94.63, in order to look for new lows below a zone around 94.33.

Daily chart's resistance levels: 95.74 / 96.97

Daily chart's support levels: 94.66 / 93.75

H1 chart's resistance levels: 95.15 / 95.71

H1 chart's support levels: 94.63 / 94.33

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support is seen at 94.63, take profit is at 94.33, and stop loss is at 94.93.

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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for June 17, 2015 . Thanks for your support.

Daily analysis of GBP/USD for June 17, 2015 Market Analysis Review

On the daily chart, the price action is calling for more upside above the 200 SMA and the nearest target is located around the level of 1.5755, which is a strong resistance zone. However, don't forget the GBP/USD pair could start to do corrective moves in the short term, because we have been watching a very strong bullish trend development over the last days.

There is an interesting bullish structure formed on the H1 chart, because the pair has been trading higher above the support level at 1.5610. We expect a breakout of the resistance level at 1.5671 in order to reach the next high around 1.5721. The MACD indicator is entering in the negative territory and the 200 SMA is still bullish.

Daily chart's resistance levels: 1.5755 / 1.5898

Daily chart's support levels: 1.5543 / 1.5346

H1 chart's resistance levels: 1.5671 / 1.5721

H1 chart's support levels: 1.5610 / 1.5548

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5671, take profit is at 1.5721, and stop loss is at 1.5621.

EUR/NZD : analysis for June 16, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD is moving downwards. The price tested the level of 1.6028 in a high volume. In the daily time frame, we can observe a weak bullish bar in a volume just above the average. Our trading range between the levels of 1.6150 and 1.5590 is still in play. We can observe a fake breakout (up-thrust) and a new high at the level of 1.6204 in the background. Be careful when buying EUR/NZD. Major support is still around 1.5990. A trend is neutral.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6145

R2: 1.6175

R3: 1.6230

Support levels:

S1: 1.6040

S2: 1.6000

S3: 1.5950

Trading recommendations: We can observe the neutral market and fake bullish breakout in the background. Buying looks risky. Also, we found strong support at 1.5990. Wait for stronger activity and price action to confirm further direction.

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For detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD : analysis for June 16, 2015 . Thanks for your support.

Intraday technical levels and trading recommendations for EUR/USD for June 16, 2015 Market Analysis Review

The market was pushed lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously hit back in July 2012 and June 2010.

The EUR/USD pair has lost almost 850 pips since the beginning of 2015. Moreover, EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established on January 1997).

The previous monthly closure had a negative impact on the EUR/USD pair. However, April's monthly candlestick came as a bullish engulfing candle on the chart.

In the long term, a bearish breakout of the monthly demand level at 1.0550 should not be excluded as the long-term breakout target is projected towards the level of 0.9450.

However, a bullish corrective movement towards 1.1500 and 1.1600 is still possible only if May's monthly high (1.1465) gets breached as soon as possible.

An obvious bearish breakout of the weekly demand level at 1.1100 allowed the price to fall dramatically.

After such a long bearish rally (which started around the levels of 1.1300), bullish rejection was expressed at 1.0570 (monthly demand level).

A bullish continuation pattern with an ascending bottom was established around the level of 1.0650.

That is why, bears failed to hinder ongoing bullish momentum around the key zone of 1.1150-1.1050 on April 29. Temporal bullish fixation took place above 1.1100 shortly after.

Further bullish advancement was enhanced until bearish pressure was applied around 1.1450 (just below the depicted supply level of 1.1500).

Last week, a bearish pullback took place towards 1.0800 -1.0830 where an ascending bottom and a bullish breakout pattern were established on the H4 chart.

Bullish persistence above the level of 1.1190 allowed the market to push the price near 1.1390 (Fibonacci Expansion 100%) where significant signs of bearish rejection were expressed on the chart.

Moreover, a Triple-top pattern with lower highs is being formed on the H4 chart. A bearish breakout below the neckline at 1.1100 is needed to confirm the pattern.

As anticipated, the zone of 1.1300-1.1350 constituted a perfect intraday sell zone. An initial bearish target would be located at 1.1090 and 1.1000.

Note that the level of 1.1140 is depicted on the daily chart as a prominent demand/support level. That is why, a bearish daily candlestick closure below 1.1140 is mandatory before resuming towards lower targets.

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For detail explanation and best discovery on daily market trends and news you may visit via Intraday technical levels and trading recommendations for EUR/USD for June 16, 2015 . Thanks for your support.

Technical analysis of USD/JPY for June 16, 2015 Market Analysis Review

USD/JPY is expected to trade with risks skewed lower. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 94.83 versus 95.15 early Monday) after unexpected 0.2% on-month drop in the US May industrial production (versus forecast +0.2%), lower-than-expected May capacity utilization of 78.1% (versus forecast 78.3%), surprise drop in the US Empire State's business conditions index to -1.98 in June from 3.09 in May (versus forecast for rise to 5.4). USD/JPY is also weighed by the lower US Treasury yields (10-year slipped 2.6 bps to 2.359% Monday), Japan's exports, and flows to the safe-haven yen amid increased risk aversion (VIX fear gauge rose 11.68% to 15.39, S&P 500 closed 0.46% lower at 2,084.43 overnight) on concerns about Greece's financial future and positions adjustment as caution prevails ahead of the FOMC monetary decision due on Wednesday. But USD sentiment is soothed by the stronger-than-expected US June NAHB housing market index of 59 (versus forecast 56). USD/JPY losses are also tempered by the demand from the Japanese importers and the Bank of Japan's ultra-loose monetary policy.

Technical comment:

The daily chart is negative-biased as the MACD and stochastics are bearish. Five-day moving average is below 15-day moving average and is declining.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 122.90. A break of that target will move the pair further downwards to 122.45. The pivot point stands at 124.10. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 124.65 and the second target at 124.95.

Resistance levels: 124.65 124.95 125.35

Support levels: 122.90 122.45 122

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for June 16, 2015 . Thanks for your support.

Gold analysis for June 16, 2015 Market Analysis Review

Overview:

Gold has been trading sideways around the price of $1,183.00. In the daily time frame, we can observe a bullish bar in a volume below the average. In the H1 time frame, we can observe another buying climax in the background, which is a sign that buying gold at this stage looks risky. Anyway, I am neutral on this pair since we got major support around the levels of $1,168.00 and $1,162.00. Since we got strong buying climax in the background and fail absorption volume, bearish side is more possible.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,189.60

R2: 1,193.90

R3: 1,200.00

Support levels:

S1: 1,175.65

S2: 1,171.35

S3: 1,164.35

Trading recommendations: Buying climax around the price of $1,184.00 is in the background. Buying gold at this stage looks risky.

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For detail explanation and best discovery on daily market trends and news you may visit via Gold analysis for June 16, 2015 . Thanks for your support.

GBP/USD intraday technical levels and trading recommendations for June 16, 2015 Market Analysis Review

Overview:

On March 2, a bearish breakout of the lower limit of the previous daily channel occurred enhancing the bearish side of the market.

Persistence below the zone between 1.4950 and 1.5000 indicated a further bearish decline towards 1.4700.

Shortly after, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established.

Evident bullish recovery emerged at 1.4560 pushing the GBP/USD pair above the level of 1.4700. Then higher highs were hit.

As anticipated, the daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where extensive bearish pressure was previously applied.

This enhanced the bearish side of the market towards the levels of 1.5300, 1.5250, and 1.5100 where the most recent bullish swing was initiated on May 5.

On the other hand, the price zone of 1.5750-1.5800 (critical resistance zone) offered a valid sell entry almost one month ago. The final bearish target at 1.5450 was reached.

Moreover, a lower high at 1.5660 applied significant bearish pressure. That is why the support zone between 1.5500 and 1.5450 failed to stop this bearish momentum. This led to a bearish breakout.

The recent daily candlesticks came as bullish engulfing ones. This hindered a further bearish decline and allowed the occurrence of the current bullish pullback towards the price zone of 1.5550-1.5600.

Traders can take a valid sell entry anywhere around 1.5600 (the key-zone depicted on the chart). Initial T/P levels are located at 1.5380 and 1.5200 while S/L should be set above 1.5670.

On the other hand, yesterday's candlestick closure above 1.5550 hinders this bearish position.

A bullish corrective movement towards 1.5750 is considered possible if the current bullish breakout above 1.5550 persists.

On the other hand, the price level of 5750 is where the next weekly resistance is located.

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For detail explanation and best discovery on daily market trends and news you may visit via GBP/USD intraday technical levels and trading recommendations for June 16, 2015 . Thanks for your support.

USD/CAD intraday technical levels and trading recommendations for June 16, 2015 Market Analysis Review

Overview:

Since bulls pushed the price further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market has looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in a formation of a Triple-top pattern.

Successive lower highs were reached within the depicted consolidation zone enhancing the bearish side of the market.

Support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were broken after providing significant support for several weeks on the daily and weekly charts.

Daily fixation below 1.2300 opened a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend) for the USD/CAD pair.

That is why significant bullish support was offered around these levels. Since then, a bullish pullback has been taking place.

On the other hand, the price zone of 1.2450-1.2500 constituted a strong resistance zone for USD/CAD.

As anticipated, a daily candlestick closure below 1.2430 (last Monday) enhanced further bearish decline. That is why, the price zone of 1.2380-1.2400 now constitutes a solid intraday resistance for the USD/CAD pair.

The weekly candlestick closed above 1.2300 by the end of Friday (lack of enough bearish momentum). Hence, a bullish pullback towards 1.2400 should not be excluded this week.

On the other hand, a daily candlestick closure below the level of 1.2300 brings again the bearish scenario to the market. TP levels are roughly located at 1.2220, 1.2100 and 1.1950.

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For detail explanation and best discovery on daily market trends and news you may visit via USD/CAD intraday technical levels and trading recommendations for June 16, 2015 . Thanks for your support.

Technical analysis of USD/CHF for June 16, 2015 Market Analysis Review

USD/CHF is expected to consolidate with a bearish bias. It is undermined by weaker dollar sentiment (ICE spot dollar index last 94.83 versus 95.15 early Monday) after an unexpected 0.2% drop in the US May industrial production (versus forecast +0.2%), lower-than-expected May capacity utilization of 78.1% (versus forecast 78.3%), and surprising drop in the US Empire State's business conditions index to -1.98 in June from 3.09 in May (versus forecast for rise to 5.4). But USD/CHF losses are tempered by the negative Swiss interest rates and the threat of the Swiss National Bank CHF-selling intervention.

Technical comment:

The daily chart is negative-biased as the MACD is bearish, stochastics is reverting to bearish mode near oversold levels, although inside-day-range pattern was completed on Monday.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9360 and the second target at 0.9420. In the alternative scenario, short positions are recommended with the first target at 0.9210 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9170. The pivot point is at 0.9250.

Resistance levels: 0.9360 0.9420 0.9475

Support levels: 0.9210 0.9170 0.9115

Technical analysis of NZD/USD for June 16, 2015 Market Analysis Review

NZD/USD is expected to trade with risks skewed higher. It is supported by weaker dollar sentiment and NZD-USD interest differential. But NZD/USD upside is limited by the dovish Reserve Bank of New Zealand's monetary stance, Kiwi sales are underpinned by the buoyant AUD/NZD cross, increased investor risk aversion, and lower dairy prices.

Technical comment:

The daily chart is still negative-biased as the MACD and stochastics are bearish, five- and 15-day moving averages are declining although inside-day-range pattern was completed on Monday.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6940. A break of that target will move the pair further downwards to 0.690. The pivot point stands at 0.7030. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7080 and the second target at 0.7130.

Resistance levels: 0.7080 0.7130 0.7170

Support levels: 0.6940 0.69 0.9845

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

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of NZD/USD for June 16, 2015 . Thanks for your support.

Technical analysis of GBP/JPY for June 16, 2015 Market Analysis Review

GBP/JPY is expected to trade in a higher range. It is supported by the buoyant GBP/USD undertone despite mounting concerns about Greece and demand from Japanese importers. But GBP/JPY gains are tempered by flows to haven JPY amid increased investor risk aversion and Japan's exports.

Technical comment:

The daily chart is still negative-biased as the MACD and stochastics are bearish.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 193.30 and the second target at 194. In the alternative scenario, short positions are recommended with the first target at 191.40 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 190.35. The pivot point is at 191.90.

Resistance levels: 193.30 194 194.50

Support levels: 191.40 190.35 189.65

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

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/JPY for June 16, 2015 . Thanks for your support.

Technical analysis of AUD/USD for June 16, 2015 Market Analysis Review

Trading recommendations:

According to the previous events, the AUD/USD pair is still moving between the levels of 0.7708 and 0.7771.
The descending movement is likely to take place below 0.7770 with the first targets at 0.7740 and 0.7710.
On the other hand, stop loss should always be in account for that you have to set your stop loss above the last bullish wave at the level of 0.7790.

Observations:

Resistance is seen at 0.7770 (sell below this level).
Support has already placed at 0.7678 (buy above this level for retesting this level because the trend still calls for the bullish market in the short term).
A double bottom is seen at the level of 0.7680.
We expect a range of 274 this week.

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of AUD/USD for June 16, 2015 . Thanks for your support.

Technical analysis of USD/CHF for June 16, 2015 Market Analysis Review

Overview:

The USD/CHF pair has set above the level of 0.9224 (23.6% of Fibonacci retracement levels in the H4 chart). This level is coinciding with the double bottom. Additionally, the pair has already formed a strong support at 0.9250/0.9224. Now, it is approaching it in order to test it. On the other hand, the resistance is seen at 0.9395. We expect a range about 145 pips during next two days. The saturation is likely to be around the spot of 0.9400. Therefore, downside momentum is rather convincing and the structure of the fall does not look corrective. Sell at 0.9400 with the first target at 0.9320 in the short term. It will call for a downtrend then in order to continue its bearish movement towards 0.9224 to test the double bottom. At the same time, the stop loss should be placed at the level of 0.9438.

CAD/JPY correction could be over Market Analysis Review

CAD/JPY found support near the level of 98.57 (S3) and started consolidating. The pair has been ranging between 98.50 and 100.00 up to June 5. On June 5, the price finally broke above the ascending channel suggesting the continuation of a long term uptrend.

The Fibonacci level applied to the channel breakout point shows clear support and resistance levels. After the channel breakout, which took place on June 09, the pair formed a double top near 100.96 (R2) that resulted in a correctional move down. The key support, which is 61.8% Fibonacci level at 99.76 (S2), has been also rejected.

As the pair is currently rejecting the uptrend trendline again with the overall long-term uptrend confirmed to be valid, consider buying CAD/JPY near S1 (100.13) for as long as it remains above S2 (99.76). Target is 0% Fibonacci level at 101.70 (R3). Only a break below S2 could change the direction of the major trend.

Support: 100.13, 99.76, 98.57

Resistance: 100.50, 100.96, 101.69

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For detail explanation and best discovery on daily market trends and news you may visit via CAD/JPY correction could be over . Thanks for your support.

GOLD correctional move up Market Analysis Review

As gold started a medium-term decline on May 18, which ended on June 05 when the price tested a low of 1162. It looks like the correction might be taking place, which could lead to a further extension up. The confirmation of a short-term uptrend scenario could be the breakout of the downtrend trendline that took place on June 10. Note that the same happened at the RSI oscilator were the trendline was also broken.

Fibonacci levels applied to the trendline breakout point show that metal faced the resistance near 1189 (R1), right after the breakout. The following move down resulted in rejection of the 76.4% support level S3 (1173) on June 15.

Currently, gold stuck between R1 and S3. There is a still high probability of a short-term uptrend. Until the price is between 1179 (S2) and 1184 (S1,) consider buying yellow metal targeting 0% Fibonacci level is seen at 1206.71 (R3). Only a 4h close below 1172 (S3) would give bears enough power to push the price towards the previously hit low of 1162.

Support: 1184.65, 1179.50, 1172.99

Resistance: 1189.90, 1196.31, 1206.71

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For detail explanation and best discovery on daily market trends and news you may visit via GOLD correctional move up . Thanks for your support.

Technical analysis of USD/CAD for June 16, 2015 Market Analysis Review

General overview for 16/06/2015 09:25 CET

A slow, ovelapping, and choppy price action in the H1 time frame is typical for wave (iv) corrections. In our case, the corrective pattern that is now in progress looks more and more like a triangle. The invalidation of this pattern is at the level of 1.2434, so any breakout higher above the projected trend-line resistance at the level of 1.2370 (approx.) might result in an immediate spike up and pattern invalidation. On the other hand, the green triangle trendline is the key dynamic support on the downside.

Support/Resistance:

1.2434 - Green Impulsive Count Invalidation Line

1.2370 - Triangle Line Resistance

1.2351 - Intraday Resistance

1.2326 - Weekly Pivot

1.2267 - Intraday Support

Trading recommendations:

The sell orders from yesterday did not work out as the price moved higher under choppy and slow trading conditions. So, it would be more appropriate to wait for a corrective cycle in wave (iv) to complete and then open sell positions to trade the last wave down.

USDX technical analysis for June 15, 2015 Market Analysis Review

The US Dollar Index remains under resistance levels and in a bearish trend at least for the short-term. Critical support is at 94.60 and 93.10 while important resistance is found at 95.80 and 96.20.

Red line - resistance

The price remains below the red trendline and below the cloud resistance in the 4-hour chart. The trend is bearish as the price is reaching lower lows and lower highs. Short-term resistance is found at 95.20. The next one is at 95.80. Support is seen at 94.60-94.40.

The weekly chart remains bearish. The price is testing the kijun-sen weekly support and a close below that level will increase the chances of a push lower towards the cloud support and 50% retracement. Critical support is at 93.10. Breaking below it will confirm a target at 90.The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via USDX technical analysis for June 15, 2015 . Thanks for your support.

Gold technical analysis for June 16, 2015 Market Analysis Review

Gold price made a pullback towards the short-term support at $1,175 yesterday and then another bounce towards resistance of $1,190 took place. The trend remains sideways. Range trading is still available. The overall picture remains bearish.

Red line - support

Blue area- resistance area

Gold price has managed to move above the Ichimoku cloud in the 4-hour chart. Gold is trading above the red trend-line support. Gold price is testing the resistance area from the previous lows hit in May.

Blue line - support

Gold price remains below the Ichimoku cloud and below the kijun- and tenkan-sen indicators. Important support for the longer-term trend is the blue trendline at $1,130-40. A trading range is getting tighter and tighter. I would expect gold to start a new trend and stop this sideways trading soon.

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For detail explanation and best discovery on daily market trends and news you may visit via Gold technical analysis for June 16, 2015 . Thanks for your support.

Technical analysis of EUR/JPY for June 16, 2015 Market Analysis Review

General overview for 16/06/2015 09:15 CET

After filling the weekend gap and breaking out higher above the golden trendline, the market has reached the reversal zone at 61%Fibo level. The wave X black has been extended in time and now it is evolved into more complex and time-consuming corrective cycle. The downside wave development is still possible. The reason for this type of thinking is a missing wave Y black to the downside to complete the overall structure. On the other hand, any breakout even higher above the level of 140.00 is bullish for the market and next resistance is likely to be a swing high at the level of 141.05.

Support/Resistance:

141.05 - Swing High

139.86 - 140.00 - Reversal Zone

139.68 - WR1

139.60 - Intraday Support

138.82 - Weekly Pivot

Trading recommendations:

The sell orders from yesterday did not worked out as the price moved higher, but it looks like actual level are again very attractive to consider to open another sell positions with SL just above the level of 140.01 and TP at the level of 139.60 initially.

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for June 16, 2015 . Thanks for your support.

Technical analysis of Gold for June 16, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around the levels of $1,183.00/84.00 at the moment after hitting interim highs of $1,190 yesterday. The metal could drop further low into $1,180.00 today before rallying towards $1,204.00 and $1,211.00 subsequently as depicted here. Please note that the metal has bounced off the fibonacci 0.618 support at $1,171.00/72.00 yesterday. It is therefore recommended to remain long now and also look to add further positions aroundthe level of $1,180.00 with risk at $1,150.00. Immediate support is seen at the level of $1,171.00 followed by $1,161.00, $1,143.00, and lower. Resistance is seen at $1,205.00 followed by $1,215.00 and higher respectively.

Trading recommendations:

Remain long for now, stop is at $1,150.00, a target is open.

Good luck!