Elliott wave analysis of EUR/NZD for December 8, 2015 Market Analysis Review

Wave summary:

Our call for a rally from a corrective low of 1.6053 (61.8% of the rally from 1.5784 to 1.6490) perfectly worked and we are already trading at near important short-term resistance of 1.6380. A breakout above 1.6380 will confirm a continuation higher to a high of 1.6490 and above here is likely to call for a movement towards 1.7191.

There is a risk that the correction from 1.6490 turns out to be more complex, but both the price and time is enough to push us directly above resistance at 1.6380 and more importantly above 1.6490 for a rally towards 1.7191.

Trading recommendation:

We are long EUR from 1.6065 with stop placed at 1.6045. If you are not long EUR already the buy near 1.6140 or upon a breakout above 1.6380. Use the same stop at 1.6045.

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Elliott wave analysis of EUR/JPY for December 8, 2015 Market Analysis Review

Wave summary:

EUR/JPY failed to test the leading diagonal resistance-line, which has prolonged the correction from 134.59 and keeps a window open for a deeper correction lower to 132.88 before the next move higher towards 136.69 to the the corrective rally of the wave (i) low at 129.62.

Only a direct breakout above minor resistance at 134.12 will indicate a new test of a high of 134.95 and above here confirming the rally higher towards 136.69.

Trading recommendation:

Our stop at 133.50 was hit for a small loss. We will re-buy EUR at 132.95 or upon a breakout above 134.12 (one order done cancels the other).

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Daily analysis of major pairs for December 8, 2015 Market Analysis Review

EUR/USD: Since testing the resistance line at 1.0950, the EUR/USD pair has gone down by 150 pips. For the recent bullish breakout not to be a false one, the price needs to continue journeying upwards. Otherwise, the price is likely to go further downwards, which might eventually threaten the bullish stance.

USD/CHF: Since testing the resistance level of 0.9900, the USD/CHF pair has gone up by 100 pips. For the recent bearish breakout not to be a false one, the price needs to continue journeying downwards. Otherwise, the price will go further upwards, which might eventually threaten the bearish stance.

GBP/USD: This market has moved downward by 100 pips since last Friday. Even the bullish attempt we saw on Thursday was not strong enough to render the current bearish outlook invalid, since the stance on the GBPUSD is bearish. It is possible that the bearish signal in the market would be sustained.

USD/JPY: Despite strong movements of major pairs last week, this currency trading instrument merely moved sideways. There were short-term upswings and downswings in the market, which made the market condition great for scalpers and intraday traders. The bias is neutral and it may continue as such until there is a movement of at least 200 pips either upwards or downwards.

EUR/JPY: This market is currently consolidating, but we might witness a further bullish breakout in the market, since the outlook on the JPY pairs is bright for December. There is a Bullish Confirmation Pattern in the market. The price might still go further upwards despite occasional consolidations and pullbacks.

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Technical analysis of EUR/USD for December 08, 2015 Market Analysis Review

When the European market opens, economic news on the Revised GDP q/q, French Trade Balance, and French Gov Budget Balance is due to be released .The US will unveil economic data on the IBD/TIPP Economic Optimism, JOLTS Job Openings, and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0885.

Strong Resistance:1.0879.

Original Resistance: 1.0868.

Inner Sell Area: 1.0857.

Target Inner Area: 1.0832.

Inner Buy Area: 1.0807.

Original Support: 1.0796.

Strong Support: 1.0785.

Breakout SELL Level: 1.0779.

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 December 08, 2015 Market Analysis Review

In Asia, Japan will release data on the Economy Watchers Sentiment, 30-y Bond Auction, Final GDP Price Index y/y, Bank Lending y/y, Final GDP q/q, and Current Account. The US will release economic data on the IBD/TIPP Economic Optimism, JOLTS Job Openings, on NFIB Small Business Index. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.92.

Resistance. 2: 123.68.

Resistance. 1: 123.44.

Support. 1: 123.12.

Support. 2: 122.90.

Support. 3: 122.66.

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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Daily analysis of USDX for December 08, 2015 Market Analysis Review

The USDX has been recovering after a decline held until the support level of 97.60. Now it's looking for an opportunity to break the resistance zone of 98.80. A push higher will take this index to the 200 SMA on the H1 chart, which is very close to the level of 99.25. In another scenario, a breakout below the level of 97.60 will expose the USDX to test a low of 97.01. The MACD indicator is entering the neutral territory.

H1 chart's resistance levels: 98.80 / 99.25

H1 chart's support levels: 97.60 / 97.01

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 98.80, take profit is at 99.25, and stop loss is at 98.34.

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Daily analysis of GBP/USD for December 08, 2015 Market Analysis Review

On the H1 chart, GBP/USD has been weak at the start of this week, as the pair is looking for an opportunity to consolidate again below the 200 SMA. The next support is found around the level of 1.4996 and when a breakout happens there, then we can see another fall towards the support level of 1.4915. Be aware of possible bullish corrective rebounds. The MACD indicator is entering the neutral territory.

H1 chart's resistance levels: 1.5072 / 1.5122

H1 chart's support levels: 1.4996 / 1.4915

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 found at 1.4996, take profit is at 1.4915, and stop loss is at 1.5079.

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USD/CAD intraday technical levels and trading recommendations for December 7, 2015 Market Analysis Review

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15 (highlighted in blue).

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls moved further above the Fibonacci level, which was previously breached to the upside on September 23 and recently on November 12.

Significant bearish rejection has been observed around 1.3450 (141.4% Fibonacci Expansion).

Later on October 1, bearish closure below 1.3270 (Fibonacci Expansion 100%) took place. This exposes the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

A bearish breakout below the support level of 1.3075 was mandatory to allow the further bearish decline towards 1.2930. However, an evident bullish rejection was expressed around this level.

Another bullish visit to the level of 1.3270 (FE 100%) was initiated on November 4. A bullish breakout above 1.3300 was performed again on November 13.

Since last month, the USD/CAD pair has been moving sideways (ranging between 1.3300 and 1.3430).

Daily fixation above 1.3300 exposes the next resistance level at 1.3450 (Fibonacci Expansion 141.0%) where a valid sell entry can be offered again.

On the other hand, a bearish breakdown below 1.3300 (FE 100% and the depicted short-term uptrend) is needed to enhance the bearish side of the market again.

Trading recommendations:

A valid sell entry can be offered at retesting of the price level of 1.3450 (Fibonacci Expansion 141.0%) which is being tested today. S/L should be located above 1.3530.

On the other hand, conservative traders should wait for an obvious bearish closure below 1.3250 (FE 100% and a short-term uptrend) to sell the USD/CAD pair. S/L should be placed above 1.3300. Initial T/P levels should be placed at 1.3150 and 1.3080.

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Intraday technical levels and trading recommendations for EUR/USD for December 7, 2015 Market Analysis Review

The EUR/USD pair moved lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have previously pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, next monthly candlesticks (August, September, October and November) reflected a strong bearish rejection, which took place around the level of 1.1450.

Hence, in the long term, a projected target is still seen at 0.9450 if a bearish breakout below the monthly demand level at 1.0555 occurs before the end of this month (December).

On August 24, the market looked overbought as bulls were pushing the pair further above the level of 1.1500 (daily supply level).

Recently, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested. T/P levels located at 1.1150 and 1.1050, which were already reached.

A bearish breakout of the depicted uptrend has been executed on October 23. This enhanced a long-term bearish scenario with targets projected at 1.0800 and 1.0600.

One month ago, daily persistence below the level of 1.0950 exposed the next demand level around 1.0850 where prominent bottoms were previously established in May, July, and August.

Three weeks ago, daily persistence below the level of 1.0700 (key level) ensured enough bearish momentum towards 1.0550 (prominent monthly low) where a prominent bullish pullback was initiated as anticipated in previous articles.

A daily breakdown of the monthly demand level (1.0550) was needed to expose next bearish target levels at 1.0460 and then at 1.0300 as initial targets for the long-term bearish breakout pattern mentioned above.

However, bullish fixation above 1.0550 and 1.0700 brought the EUR/USD pair back towards the level of 1.0990 (Sell Entry).

Today, the price level of 1.0830 remains a significant key level to be watched for price actions. Bullish persistence above it brings the EUR/USD pair again towards 1.0990 where a valid sell entry can be offered again.

S/L should be placed above 1.1050.

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Intraday technical levels and trading recommendations for GBP/USD for December 7, 2015 Market Analysis Review

A few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with significant resistance.

Recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5220 (the neckline of the Head and Shoulders pattern).

It supported the bearish side of the market in the long term.

A long-term bearish target is projected towards the level of 1.4800 for this reversal pattern.

The previous demand level at 1.5200 (the origin of a previous bullish engulfing weekly candlestick) was broken down one month ago This bearish tendency was confirmed by the Shooting Star and the bearish engulfing weekly candlesticks of the previous weeks.

Hence, a quick bearish decline towards the weekly demand level at 1.4950 was expected as a result of the bearish breakdown below 1.5200.

Note that another weekly closure below 1.4950 opens the way towards 1.4800 (long-term bearish target).

The previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it an evident bullish reaction was performed around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks).

That led to the previous bullish pullback towards 1.5600 (the backside of the depicted uptrend). It placed the GBP/USD pair under significant bearish pressure.

Prominent demand levels at 1.5350 and 1.5200 were broken down a few weeks ago. These levels currently constitute prominent supply to be watched for new sell entries.

The key level of 1.5200 was temporarily breached to the upside before a daily bearish engulfing candlestick was expressed around 1.5330 on November 20.

Bearish persistence below 1.5200 and then 1.5050 (previous weekly bottom) enhanced further bearish decline towards the weekly demand level of 1.4950 (also corresponding to the lower limit of the depicted channel).

Trading Recommendation:

For conservative traders, a valid buy entry was offered around the weekly demand zone of 1.4950-1.4930.

S/L should be placed below 1.4950. Initial T/P levels should be located at 1.5170 and 1.5300.

On the other hand, risky traders can sell the GBP/USD pair at the price level of 1.5220 if the current bullish pullback persists above 1.5100. S/L should be placed above 1.5300.

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Daily analysis of Silver for December 07, 2015 Market Analysis Review

Overview

The silver price broke the 14.25 level and it has settled above it, opening the way towards visiting the critical resistance at 14.85 in the upcoming sessions. The price tries to regain the correctional bullish trend, the lines of which you see on the chart. Therefore, we prefer more upside moves in the upcoming sessions, pointing that holding below 14.85 will keep the overall bearish trend valid. It will make the price bounce lower and resume the negative trading that extend to 13.50 then 13.00 levels on the near-term basis. Breaching the 14.85 level will extend silver gains to reach 15.40 directly.The material has been provided by InstaForex Company - www.instaforex.com

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Daily analysis of GBP/JPY for December 07, 2015 Market Analysis Review

Overview

According to the shown H4 chart, a temporary low is formed at 183.96. Initial bias in GBP/JPY is neutral this week. Overall, we are still favoring the scenario that the consolidation pattern from 180.36 has been completed at 188.79. Another fall is expected and movements below 183.96 will target a test of the 180.36/64 support zone. In case of another rise, we will be cautious about strong resistance from 199.80/200.00 to bring a reversal finally. In the longer-term picture, the uptrend from the 116.83 long-term bottom could be topping. There is no confirmation yet, but even in case of another rise, strong resistance is now likely to be seen near the 61.8% retracement of 251.09 to 116.83 at 199.80.

Daily Pivots: (S1) 185.27; (P) 185.75; (R1) 186.39

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Global macro overview for 07/12/2015 Market Analysis Review

The crude oil prices dropped significantly on huge market disappointment after the crude oil inventories data was published last week. Moreover, the Organization of Petroleum Exporting Countries (OPEC) refused to cut oil output below 30 million barrels a day, so the current market analysis points out a possible price of $20 a barrel in 2016. This is huge news to the commodity markets and it confirms the bearish trend is still intact.

From the technical point of view, crude oil is looking for a temporary support around the level of 38.99, but it might get easily violated. In that case, the next support is seen at the level of 37.74.

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Global macro overview for 07/12/2015 Market Analysis Review

This week the markets will be absorbing the last weeks' fundamental data as the very important change has occurred regarding interest rates. Moreover, markets might start to position themselves before the Fed interest rate decision later next week, as the probability of the interest rate hike in December is at the level of 80% according to Fed Funds Futures pricing. Nevertheless, this week, key fundamental data will be revealed in the UK, China and Switzerland as there is plenty of fundamental data scheduled for release.

The US dollar index is slowly rising in quiet market environment and it looks like the test of the golden trend line from the bottom will happen soon. The support is seen at the level of 98.34 and the next resistance is seen at the level of 99.98.

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Technical analysis of EUR/USD for December 7, 2015 Market Analysis Review

Overview:

• The support of the EUR/USD pair has been already found at the level of 1.0790. The level of 1.0790 represents the weekly pivot point for 7-11, 2015. Furthermore, it will be very profitable to buy above this level in order to retest it in the long term. Therefore, buy deals are recommended above the weekly pivot point at 1.0790 with targets at 1.0925 and continues toward the point of 1.0980 to reach the double top.

Observations:

• The level of 1.0790 represents the weekly pivot point and the level of 1.0801 coincides with the ratio of 61.8% Fibonacci retracement level).
• We expect a range between the levels of 1.0801 and 1.1068.

The weekly technical analysis of EUR/USD pair:

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Technical analysis of GBP/USD for December 7, 2015 Market Analysis Review

Weekly technical analysis of GBP/USD:

Overview:

According to the previous events, the price of the GBP/USD pair is still below the weekly pivot point (1.5054). The descending movement will probably be higher than the level of 1.5158. History will probably repeat itself at this level again. Consequently, it will be a good sign to sell below the weekly pivot point (1.5054) with the first target of 1.5158 in order to test the double top. Moreover, the double top is coinciding with the weekly resistance 1. Then, it will call for a downtrend to continue with its bullish movements towards the price of 1.5214, which represents the weekly resistance 2. Stop loss should always be taken into account. Hence, it will be very beneficial to set your stop loss and it should never exceed your maximum exposure amounts. For that reason, stop loss should be placed below the support level at the price of 1.5025.

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Gold analysis for December 07, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,088.63 in an ultra high volume. In the daily time frame, our SMA 10 was broken and this is the first sign of a potential change in the trend's dynamic. According to the M30 time frame, I found a trading range between the prices of $1,082.00 and $1,088.30. Strong support is at the price of $1,072.40-1,069.60. Strong daily resistance is at the price of $1,100.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,084.95

R2: 1,085.80

R3: 1,087.25

Support levels:

S1: 1,082.15

S2: 1,081.25

S3: 1,079.85

Trading recommendations: Be careful when selling gold because we can observe strong demand in the background. Watch for potential buying opportunities on dips.

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EUR/NZD analysis for December 07, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6071 in a high volume. According to the H1 time frame, I placed Fibonacci retracement to find support levels and found strong rejection from Fibonacci retracement 61.8% at the price of 1.6070. Watch for potential buying opportunities on dips. Resistance levels are at the prices of 1.6350 and 1.6475. The short-term trend is still downward, but we may see a potential change in the trend's dynamic.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6320

R2: 1.6395

R3: 1.6520

Support levels:

S1: 1.6075

S2: 1.5995

S3: 1.5875

Trading recommendations : Selling EUR/NZD at this stage looks very risky. Watch for potential buying opportunities on dips.

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Technical analysis of GBP/USD for December 7, 2015 Market Analysis Review

According to the daily chart, GBP/USD established a long-term downtrend after the price rejected 1.5927 on June 18, 2015. Since then, the price has consistently been declining and it seemed that the pair found the support at the 1.5170 level, although it was broken after consolidation on November 6, 2015.

In addition to the breakout of the support, the price also broke below the 61.8% Fibonacci applied to the low of April 14 and the high of June 18. At the same time, the S1 (1.4886) support, that is 76.4% Fibs, has not been tested yet. This could be a strong signal that the downtrend is not over, at least until the price tests the S1 support level.

Consider selling GBP/USD, while the price is near R1 (1.5085), targeting S1 (1.4886). The stop loss could be placed just above the R2 (1.5770), which currently seems to be the key resistance level.

Support: 1.4886

Resistance: 1.5085, 1.5170

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Technical analysis of AUD/NZD for December 7, 2015 Market Analysis Review

After forming a top near 1.1085 on November 24, 2015, AUD/NZD started to move lower and print new lower lows. Meanwhile, the pair also managed to break below both the ascending and descending channels suggesting the formation of a short to medium-term downtrend.

The price closed below the Fibonacci downside target, which is based on the breakout of the ascending channel. The Fibonacci applied to the breakout of the descending channel shows that the downside target has not been reached, while the 61.8% resistance has been rejected today.

Consider selling AUD/NZD near the R1 (1.0950) resistance level targeting the S3 (1.0800) support area. Stop loss should be placed well above the R2 (1.0990). Only daily close above R2 could change the direction of the trend and push the pair much higher in the longer term.

Support: 1.0890, 1.0855, 1.0795

Resistance: 1.0950, 1.0990, 1.1050

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Technical analysis of EUR/JPY for December 7, 2015 Market Analysis Review

General overview for 07/12/2015:

The clear five-wave impulsive structure to the upside developed just as anticipated after the ending diagonal in wave (c) of B blue had been finished. Currently, the market is developing the corrective structure to the downside and there are two targets for wave c of the corrective cycle: the first target is 61%FiboExp at the level of 133.47 and the second target is 100%FiboExp at the level of 133.06. Please notice the second target is in confluence with the weekly pivot level.

Support/Resistance:

134.60 - Intraday Resistance

133.47 - 61%FiboExp

133.30 - Intraday Support

133.06 - 100&FiboExp|Weekly Pivot|

131.56 - WS1

Trading recommendations:

Day traders should consider placing sell orders from current market levels with tight SL and TP at the level of 133.06.

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Technical analysis of USD/CAD for December 7, 2015 Market Analysis Review

General overview for 07/12/2015:

The corrective cycle continues in a tight range between the levels of 1.3433 and 1.3279. The pattern inside of the yellow neutral zone looks like a complex corrective structure. When it is completed, then another wave upward is anticipated.

Support/Resistance:

1.3433 - Technical Resistance

1.3232 - WR1

1.3362 - Weekly Pivot

1.3310 - WS1

1.3279 - Intraday Support

1.3240 - WS1

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur, because current risk to reward a ratio is too big for any trades. Patience is needed.

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AUDUSD technical analysis for December 7, 2015 Market Analysis Review

AUD/USD is still in an uptrend, but in the short-term we should expect a pullback towards the area of 0.7250-0.7230. A medium-term trend remains bullish as long as the price is above 0.7150.

Blue line- resistance (broken)

Red line - support

The daily chart above shows the price above the Ichimoku cloud and above both the kijun- and tenkan-sen indicators. Support at 0.7150 is important one and bulls do not want to see this level broken. On the other hand, the stochastic oscillator is providing a bearish divergence signal, so a pullback towards 0.72 could be justified.

Short-term support is found at 0.7250-0.72. Now, it is not the time to be long, but it is preferred to wait to enter long at lower levels. Important short-term support is found at 0.7220. Resistance is seen at 0.7350.

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USDJPY technical analysis for December 7, 2015 Market Analysis Review

USD/JPY continues to trade inside a trading range. The trend remains neutral. Traders should be very cautious and only open positions near the boundaries of the trading range.

Blue lines - sideways channel

The price is trading around the 4-hour Ichimoku cloud and sideways. The price is trapped inside a trading range of 122.20-124. Traders should be very cautious trading this pair and should use the boundaries of the channel as reverse stop levels.

Dark blue lines - triangle pattern

A longer-term outlook of the USD/JPY pair shows a triangle pattern being formed. This is another reason why traders should avoid trading this pair as we are in the price zone where risk reward for long or short positions. It is preferred to wait for a breakout and then open a position.

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EUR/USD technical analysis for December 7, 2015 Market Analysis Review

EUR/USD is expected to move lower before bouncing towards its recent highs. EUR/USD is in a corrective upward trend, and choppy price actions are expected. I do not see much more upside in the EUR/USD pair above 1.1050 as I expect the price to move mainly sideways this week.

Blue line - projection

EUR/USD is pulling back after the sharp spike up after Mario Draghi's speech last week. The price is expected to find support in the area of 1.0730-1.0740, and then bounce towards recent highs. I believe that the market needs to digest this big spike up from last week and we should not expect the downtrend to resume so soon.

Red line - long-term support

Blue lines - price projection

EUR/USD is expected to move mainly sideways and up until it reaches the Ichimoku cloud resistance. I believe the daily kijun-sen (yellow line indicator) will support the price this week and can bring in some buyers to push gold towards the Ichimoku cloud resistance. In the longer-term, I would expect the price to get rejected and eventually push to new lows near 1.03.

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USDX technical analysis for December 7, 2015 Market Analysis Review

The US dollar index is bouncing as expected from the 38% Fibonacci retracement level towards the initial resistance of 99. Important medium-term resistance is found at 99.50, and only a breakout above it will ruin chances of reaching a lower low at 97.60.

Blue lines - upward sloping wedge broken

In the 4-hour chart above, we can clearly see why the price is bouncing higher. The price has reached the 1st important support of the 38% Fibonacci level and we should see some more upside towards short-term resistance at 99. Eventually, I believe that we should expect another rejection at highs and a reversal to new lows below the recent low.

In the weekly chart, the price remains above the weekly kijun- and tenkan-sen indicators and of course above the Ichimoku cloud. I expect the price to hit a lower low in the area of 97.10-96.50 before resuming the uptrend. Long-term support is provided by the Ichimoku cloud at 94-93. A breakout above 100.50 will be a huge bullish signal.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for December 7, 2015 Market Analysis Review

Gold price has finally reversed and changed a short-term trend to bullish targeting the level of $1,100 at least. There is also a chance that we have seen a long-term important low and a new uptrend has started, but confirmation will come only at much higher levels above $1,190.

Gold price broke the downward sloping wedge upwards and moved above the Ichimoku cloud as can be seen in the 4-hour chart. I would expect a back test of the broken cloud at $1,070, but it is not necessary. The minimum bounce target is at the 38% Fibonacci retracement, but I would expect a bounce much higher.

Yellow line -long-term trend line resistance

Red lines - long-term downward sloping wedge

The weekly chart continues to favor long positions rather than short. The price has made an initial bounce off the lower wedge boundary, and I expect a strong bounce at least towards the kijun- and tenkan-sen resistance levels (yellow and red line indicators) to take place. The weekly stochastic is oversold and is turning upwards confirming my bullish stance.

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Technical analysis of Silver for December 07, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver sharply rallied through the levels of $14.60 from lows at $13.80 last week. The metal is still headed towards at least $14.80 if not higher, before pulling back lower again. Please also note that the level of $14.80 is the Fibonacci 0.382 resistance for a drop from $16.35 to $13.80. It is recommended to take profits on long positions now and wait for a reaction at $14.80 before moving further. Immediate support is seen at $14.40, while resistance is seen at $14.80/$15.00.

Trading recommendations:

Take profits on long positions and remain flat now.

Good luck!

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Technical analysis of Gold for December 07, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has rallied through $1,046 (lows of last week), and $1,090.00. The metal is trading around the level of $1,086.00 at the moment looking for a push through one more high at around $1,100.00 before pulling back again. Immediate support is seen at $1,082.00, while resistance is seen at the level $1,100.00 and higher respectively. It is recommended to remain flat looking for a bearish reaction around the level of $1,100.00. Please note that $1,100.00 is also the Fibonacci 0.382 resistance of the entire drop from $1,190.00 to $1,146.00.

Trading recommendations:

Remain flat now.

Good luck!

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