Gold analysis for November 22, 2013 Trend News

Gold prices reached 1,237 near our first target area around 1,230, which we mentioned in yesterday's analysis. Prices are staging a small upward bounce that we believe will be short-lived and downward pressures will resume. Short and long term trend remains downward, pointing towards testing the 1,180 lows, and very possibly we will see new lows towards 1,140.

The head-and-shoulders neckline is clearly broken and we believe that a back test could happen today. The back test area is at 1,250-55 and the upward correction could see this level. Short-term support is found at 1,235 and then at 1,210-1,200. Short-term resistance is found at 1,248-1,255-1,266. The trend is downward and any upward bounce is expected to be met with selling pressures.

The downward move from 1,360 remains inside the downward sloping channel, and we can expect prices to try and test the upper boundaries of that channel near 1,255-60. Gold prices are expected to continue lower even if the upward bounce does not reach 1,255-60. This is very important resistance area that if broken could change our short-term view for gold. Concluding we remain short biased. Selling gold near 1,255-60 is preferred with new lows as a target. Breaking out of the downward sloping channel will bring us close to our short positions.

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#USDX analysis for November 21, 2013 Trend News

The Dollar index was trading inside the downward sloping channel. We labeled this decline as corrective. We also mentioned that prices were trading inside the support zone. We also mentioned that an upward move should soon be expected. This is what happened yesterday. Short-term trend has reversed upwards.

The downward sloping trend channel was broken upwards. Prices are moving upwards in an impulsive pattern and are now going to test the previous highs at 81.50. Breaking above that level will re-energise the bullish momentum with 82-83 as a target. The short-term support levels to watch are 81.05 and 80.50.

Prices in the daily chart have now reached the next resistance level at 81.30-81.50, where the previous highs and the 100-day MA are found. Breaking above the MA will be an initial bullish signal for the longer-term trend that has changed to upward after the low at 79. An important support level in the daily chart is the 80.45 level. Breaking that level will push prices towards 80.15 and probably to 79.50.

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#USDX analysis for November 21, 2013 Trend News

The Dollar index was trading inside the downward sloping channel. We labeled this decline as corrective. We also mentioned that prices were trading inside the support zone. We also mentioned that an upward move should soon be expected. This is what happened yesterday. Short-term trend has reversed upwards.

The downward sloping trend channel was broken upwards. Prices are moving upwards in an impulsive pattern and are now going to test the previous highs at 81.50. Breaking above that level will re-energise the bullish momentum with 82-83 as a target. The short-term support levels to watch are 81.05 and 80.50.

Prices in the daily chart have now reached the next resistance level at 81.30-81.50, where the previous highs and the 100-day MA are found. Breaking above the MA will be an initial bullish signal for the longer-term trend that has changed to upward after the low at 79. An important support level in the daily chart is the 80.45 level. Breaking that level will push prices towards 80.15 and probably to 79.50.

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Gold analysis for November 21, 2013 Trend News

Gold prices have broken downwards and are now trading near 1,245. The trend was downward and our view remained bearish from 1,279 once the support trend line was broken. Prices never really managed to break above the resistance trendline and support levels started to fail one after the other. The daily chart as shown below shows clearly that the important support levels were broken. We remain short biased as we believe that prices will continue lower towards 1,230 at least.

The Head-and-shoulders target is at 1,140 with a chance to see 1,080. We remain bearish and we see as important resistance level now the 1,280-95 price range. The support levels were broken as expected since the upward move was labeled as corrective after we analysed the form and pattern of the rise from 1,260 to 1,294.

The trend remains downward, as long as prices trade below the short-term downward sloping red trend line. This could change if prices manage to break above 1,270. This is its short-term resistance. Short-term support is found at 1,230 and then at 1,200. We could see an upward bounce from these levels, so it could be a profit taking opportunity to close short positions at these levels. The bigger trend remains downward, so any upward bounce should be met with sellling.

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USD/CAD H1 analysis for November 21, 2013 Trend News

General overview for 21/11/2013 08:00 CET

After yesterday's invalidation of an immediate bullish impulsive trend resumption, there is still a possibility for a further impulsive trend development however.

In this count wave progression might be impulsive as long as the 1.0427 level holds and that progression is way more dynamic that the previous one.

The first resistance level would be Intraday Resistance zone at 1.0478. If this level is broken then further upside continuation is anticipated, up to the level of 1.0506 and more ( SUPPLY ZONE).

Support/Resistance:

1.0392 - WS1

1.0404 - DEMAND ZONE

1.0413 - Swing Low

1.0428 - Invalidation Line

1.0435 - Intraday Support

1.0458 - Weekly Pivot

1.0478 - 1.0483 - Technical Resistance Zone | DEMAND BREAKTHROUGH ZONE |

1.0412 - WR1

1.0506 - 1.0524 - SUPPLY ZONE

Trading recommendations:

In anticipation of more impulsive wave development to the upside 1.0478 -1.0483 zone should be bought IF there is 1h candle close above the zone. If there is no close above the zone, sell orders should be in play for intraday scalps of 25-30 pips.

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#USDX analysis for November 20, 2013 Trend News

Prices have remained pressured by sell orders and are continuing their downward slide. The pattern and form of the decline continues to be corrective. Prices continue to trade within the downward sloping channel. The trend is downward for the very short term as shown in the chart below.

Short-term support is found at 80.50 and after that at 80.15. Resistance is found at 80.90 and at 81.35 after that. The short-term trend is downward. This will change if prices break above 80.90. The lower lows and lower highs pattern confirms downward trend in the short term. We remain in the longer term bullish as long as prices trade above 79. In the short term we want prices to break out and above the downward sloping channel in order to get a buy signal.

We believe that the downward move is corrective and soon we will see a short-term trend reversal that will push prices towards 81.50 daily resistance. Support is found at 80.15 where the 34 day MA is now. We believe a bounce off this MA is very possible to signal the expected trend change.

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Gold analysis for November 20, 2013 Trend News

Gold prices continue to trade below resistance levels. Short-term resistance is found at 1,279 and at 1,293. Short-term support is found at 1,268 and 1,263. Prices are trading in a downward slope and below trend line resistance. The trend remains downward in all time frames.

We expect prices to break below short-term support and challenge the intermediate term support at 1,250. This price level is also important because of the head -and-shoulders pattern that we have been talking for so long and it remains valid. Breaking below the neckline support will give us a target for the downward move near 1,140-1,100.

The daily chart is deteriorating the bullish potential. Prices are breaking below the upward sloping trend line support and should challenge the black neckline support at 1,250. Unless prices break above 1,293, we should soon see a strong move down to 1,250. We remain short biased with increased probability of breaking the neckline. Stop for bears is the 1,293 price level.

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