Silver inching towards 22.00. Preparing for fresh bottom Trend News

Technical outlook and chart setups:

The metal is breaking down and is just a few cents ahead of 22.00 level at the moment. It is likely to break down towards 21.45, as discussed yesterday, but it is still recommended to book maximum short positions and take profits off the table for now. Only around 10% of total positions could be left open to take maximum benefit on a possible breakdown. Next support level is seen around 21.45 from here on and the metal is expected to bottom out around that region. Initiating long positions there would be highly rewarding for a long term. Bottom line: Looking lower from here on, but book maximum profits on short positions.

Trading recommendations:

Remain only 10% short on earlier positions. Book profits on the rest.

Good luck!

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Gold approaches 0.618 Fibonacci support Trend News

Technical outlook and chart setups:

As seen here, the yellow metal has broken down towards the Fibonacci 0.68 support of the rally from 1,324.00 to 1,488.00 level recently. It is recommended to book maximum short positions and take profits on them; one can remain 10% short. If a bullish reaction is seen here, Gold could begin further rally, but this is too early to confirm. More probabilities are for the metal to break below 1,320.00 level in the coming trading sessions and probably form a bottom around 1,290/1,300. From there on it would be safe to initiate long positions in the metal. Bottom line: Looking lower yet, but book maximum profits on short positions.

Trading recommendations:

Remain only 10% short. Book profits in the remaining.

Good luck!

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EurJpy breaks support line on 4H. 132.70/75 resistance. Remain short Trend News

Technical outlook and chart setups:

The single currency pair has broken immediate line of support as depicted on the 4H chart view here. 132.75/80 levels should provide strong support for now. It seems the prices are just about carving out a head and shoulders reversal, where the right shoulder could be formed between 132.10/40. It is therefore recommended to remain short and also initiate fresh short positions now (132.00/05). As shown here, the pair could be targeting towards 128.50 level according to Fibonacci extensions. This could also prove to be a major reversal well below 128.00 level. Bottom line: 132.70/75 should remain intact for the bears to stay on top. Looking lower from here on.

Trading recommendations:

Hold on to short positions and add further, stop is at 133.00/10, and target is open.

Good luck!

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GbpChf testing resistance line. Flat for now Trend News

Technical outlook and chart setups:

As depicted here on the daily chart, the single currency pair hit the 1.618 Fibonacci extension (Red), at 1.4800 yesterday. Please note that resistance line is also coinciding with the prices around the same region. Furthermore, past support turned resistance is also between 1.4750/1.4800 region (horizontal blue line). The single currency pair may produce a bearish reaction at this juncture. Hence it is recommended to remain flat for now and wait for a clear bearish signal to initiate short positions. Major resistance is still at 1.5 level, followed by 1.51 and higher up, while immediate support is just around 1.46 region. A break of the trendline on higher side, would push prices higher towards 1.5.

Trading recommendations:

Flat for now.

Good luck!

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EUR/JPY Elliott wave analysis for May 16, 2013 Trend News

Today's support and resistance levels:

R3: 132.78

R2: 132.45

R1: 131.91

Current spot: 131.55

S1: 131.18

S2: 130.88

S3: 130.43

Technical overview:

The deep correction from 132.78 indicates that wave iii of 5 ended early and that wave iv of 5 is ongoing. Wave iv of 5 could already have ended at 131.18, which a break above 131.91 will confirm. However, until we have a clear break above 131.91, we must accept that wave iv could retrace a little more of wave iii, with a deeper correction down to 130.88 and maybe 130.43 (unlikely), before wave v of 5 takes over. As wave iii ended a little early (below our ideal target at 133.59), we should expect wave v to end a little lower too. Wave v should as a minimum reach 133.20, but it is more likely that we will see top at 134.47.

Trading recommendation:

Our stop at 131.30 was hit for a nice porfit. We will buy EUR again here at 131.55 with a stop at 130.25 and take profit + reversal of the position at 134.20.

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Silver breaks below 23.00. Book partial profits on short positions. Trend News

Technical outlook and chart setups:

The metal has finally broke down below 23.00 level today. It is recommended to book partial profits on short positions taken and hold on to the remaining. Looking into the wave structure as depicted here, if the metal produces a bullish reversal bounce from here, and rally past 24.00 level again, it would indicate formation of a bottom at 23.00 level. On the other side, a break further below 22.50 level could trigger further sell off towards 21.50/70 levels. The latter option seems to be of higher probability at the moment. Bottom line: Remain short for now, further breakdown is possible.

Trading recommendations:

Book partial profits on short positions taken.

Good luck!

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Gold retraces close to 1.400.00. Book partial profits Trend News

Technical outlook and chart setups:

The metal is finally breaking down after several days of range trading. Past support of the range was at 1,440.00 level which is now immediate resistance, followed by 1,487/88, 1,500/20 and higher up. As depicted here, the Fibonacci extensions are extending towards 1,380 and 1,360 for the downswing from here on. It is recommended to book partial profits and hold on to remaining short positions now, in anticipation of further downside towards 1,380.00 at least. A break below 1,360.00 level would prove critical for bulls, and trigger further downside towards 1,290/1,300. On the other side, a bullish reversal around current levels (1,400/10), and a rally past 1,440.00 would indicate that a bottom is in place at 1,400/10 levels and the metal could begin further rally.

Trading recommendations:

Book partial profits on short positions and hold on selling short.

Good luck!

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